Akshaya Tritiya or Akha Teej marks Treta Yugadi or the beginning of Treta Yuga, the second Yuga or ages of mankind in the Hinduism. Akshay Tritiya is observed on Vaisakh Shudda Tritiya or the third day in bright fortnight of Vaishakh month. In 2016, Akshay Tritiya date is May 9. Lord Vishnu was incarnated as Lord Vamana, Parasurama, and Sri Rama (5th, 6th and 7th incarnations of Lord Vishnu).
Treta yuga is very significant as per Hinduism. The first incarnation of Vishnu in Treta yuga, Lord Vamana, was the dwarf form of Lord Vishnu who incarnated to press down Bali Chakravarthy into the Nether world (Pathala lokam) and to restore the rule of Gods.
The second incarnation in Treta Yuga, Lord Parasurama, was a ferocious form of Lord Vishnu whose purpose of birth was to restore peace in the world by cutting down the dominance of Kshatriyas. And the last incarnation of the Yuga, Sri Rama Chandra, was incarnated to demolish demon Ravana and rule the people with love and affection.