Mumbai: At the Income Tax Department commemoration event held here today, Governor of Maharashtra, C.P. Radhakrishnan, lauded the Department’s sustained efforts and its significant contribution to strengthening the nation’s fiscal framework through consistent growth in tax collections.

The Governor was the chief guest at the Department’s 166th Income Tax Day held at Kautilya Bhavan, Mumbai, marking the historic enactment of India’s first income tax legislation in 1860.

The event was also graced by Saktijit Dey, vice president, Income Tax Appellate Tribunal (ITAT), Mumbai, and Malathi Sridharan, Principal Chief Commissioner of Income Tax, Mumbai.

In his address, the Governor emphasised the pivotal role of the Income Tax Department in not only mobilising revenue but also fostering voluntary compliance and acting as a deterrent against economic malfeasance.

The Governor also stressed that revenue was the silent strength that powered a nation’s dreams.

Regarding the proposed Income-tax Bill, 2025, the Governor stated that it signified another leap forward for the department and the country.

Speaking at the event, Saktijit Dey commended the Department’s unwavering commitment to transparency, integrity, and efficiency in tax administration. He further noted that the Income Tax Department today stood as a symbol of financial discipline, equity and democratic responsibility.

Next, Malathi Sridharan reflected on the evolution of income tax legislation in India—from its inception in 1860 to the present day, as the new Income Tax Act was being framed. She emphasised that tax laws must align with the country’s stage of economic development. With India poised to become the third-largest global economy by 2028, she highlighted the need for a taxation framework that is transparent, user-friendly and growth-oriented.

Furthermore, she underscored the Department’s adoption of advanced analytics to monitor complex cross-border and digitally structured transactions, including those involving cryptocurrencies, thereby aligning with emerging economic realities.

On this occasion, the Governor unveiled the statue of Chanakya, also known as Kautilya, whose famous verse ‘kosha moolo danda’ is the motto of the I-T department.

Notably, the Department felicitated top taxpayers from the Mumbai region for their exemplary compliance and contribution, as well as retired officers for their distinguished service, and sportspersons (employed with the Department) who have represented India and earned accolades at international sporting events.

The event served as a tribute to the Department’s legacy and its evolving role in fostering a robust and equitable tax ecosystem.

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