India, July 24 -- A nation is built on the taxes its citizens pay. Income tax was first imposed on 24th July 1860; a princely sum of '30 lakh was collected. Tax remained a popular source of revenue for the colonial Government, often to fund imperial wars.

From a maximum marginal rate of 91.8 per cent in 1957 till it stabilised at around 30 per cent in 1997, Income Tax has grown leaps and bounds. In FY 2025-26, Direct Tax collections reached Rs 23.40 lakh crore, i.e., 69 per cent of total tax revenue of Rs 33.85 lakh crore, excluding borrowings. Income tax is pivotal for constructing stable and equitable societies, funding crucial public services and government investments, thus fostering growth and creating jobs. Taxation balances wealth...