Income Tax Day 2026

Income Tax Day is celebrated on July 24 every year to honor *Sir James Wilson*, the first Finance Member of British India, who instituted income tax in the country. There are still many myths about income tax that confuse taxpayers, including:
- the deadline for filing income tax returns
- the penalties for late filing
- the benefits of timely filing,
the day aims to raise awareness about the importance of paying income tax and the benefits of timely filing.
Some of the common myths about income tax include the idea that income tax is only for the rich, or that it is a voluntary payment, however, income tax is a mandatory payment for all individuals who earn a certain level of income