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Answer

Correct Option is 1860

It was a Scotsman named James Wilson, the founder of what is today the global behemoth Standard Chartered Bank, who had created India's first Budget in 1860. He was finance member in Viceroy Lord Canning's council in undivided India. He was also a Member of the British Parliament, besides being Finance Secretary to the UK Treasury and Vice-President of the Board of Trade. Wilson first arrived in India in 1859, at a time when the British government here was hard beset by financial stress in the wake of what the British called the Sepoy Mutiny and Indians their first War of Independence. Increased military expenditure had drained the government's resources, leaving with huge debts. Wilson introduced for the first time in India a financial budget framed upon the English model. James Wilson was also the man behind the introduction of the income tax act, a hated move that gave rise to a huge controversy. While he gave India an invaluable financial governance tool by way of his budget, his income tax act deeply dismayed businesses as well as the zamindars, the landed class. Hence Option (a) is correct.

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