Finance Minister Celebrates 165th Income Tax Day, Unveils ‘My Stamp.
New Delhi:
Union Finance Minister Nirmala Sitharaman presided over the 165th Income Tax Day celebrations hosted by the Central Board of Direct Taxes (CBDT) in Delhi. The event, which marked a significant milestone for the Income Tax Department, also featured the release of a commemorative “My Stamp.”
During her keynote address, Sitharaman praised the Income Tax Department for its record tax collections and the successful implementation of the faceless assessment and appeals regime. She encouraged continued fairness and clarity in tax notices and highlighted the need for efficient refund processing and capacity building aligned with global best practices.
The Finance Minister noted a significant increase in taxpayer trust, citing 58.57 lakh first-time income tax return (ITR) filers for the assessment year 2024-25. She emphasized that this growth reflects India’s increasing formalization as an economy and a shift towards voluntary tax compliance.
Union Minister of State for Finance, Pankaj Chaudhary, commended the efforts of the Income Tax Department in simplifying compliance through initiatives like the faceless regime, e-verification, and seamless e-filing. He urged the department to align its goals with the Prime Minister’s vision of a developed India by 2047 and stressed the importance of expanding the tax base.
Secretary Revenue, Sanjay Malhotra, highlighted the department’s achievements, including robust tax collections and a growing tax base. He praised the use of technology in improving taxpayer services and acknowledged the significant growth in revenue from Rs. 30 lakh to Rs. 20 lakh crore since the inception of income tax.
CBDT Chairman Ravi Agrawal provided an overview of recent accomplishments, such as a 17.7% growth in net collections and a 7.5% increase in ITR filings over the past year. He also noted the widespread acceptance of the New Tax Regime and the operationalization of the 10th Income Tax Overseas Unit in Abu Dhabi.
The event featured a showcase of the department’s technological advancements and an awards ceremony honoring meritorious service and creative pursuits. A film on the department’s technological evolution was also presented.
In closing, H.B.S Gill, CBDT Member, thanked all dignitaries and expressed gratitude to the Union Finance Minister for her inspiring leadership and support.
