Mumbai (RBI), Jul 24: Maharashtra Governor Ramesh Bais presided over 164th Income Tax Day celebrations in Mumbai. The Income Tax Day celebration was organised by the Income Tax Department at Y B Chavan Auditorium in Mumbai.

Chairman of Tata Sons N Chandrasekharan, principal chief commissioner of Income Tax Mumbai Geetha Ravichandran, MD & CEO of National Stock Exchange Ashish Kumar Chauhan, executive director of Bank of Baroda Debadatt Chand, representatives of Trade organisations and officers and staff of Income Tax were present.

Congratulating the Income Tax for its transformational contribution in the progress and development of the nation, the Governor expressed happiness that Mumbai's share in the total income tax collection was one third. He said, "During the last 9 years, tax collection had increased 167 per cent while tax returns had increased from 2.96 crore to 7.63 crore." The Governor called for promoting honesty, integrity, transparency and commitment to build 'Brand India' and to achieve the goal of a 5 trillion dollar economy.

Complimenting the Income Tax department, chairman of Tata Sons N Chandrasekharan said, "With proper usage, Artificial Intelligence will increase the number of taxpayers, improve efficiency and facilitate precise estimation of tax and refund."

He said India is poised to become the third largest economy in the world. In this connection he said, "India will remain the fastest growing economy for many years, improve per capita income, create jobs and prosperity and also impact the progress of other nations."