India's first budget was presented in 1860 

  The British government did not have to make long economic reforms or present the budget in India. The first rebellion took place in 1857 against the British government. Everyone from Mangal Pandey to the queen of Jhansi jumped into the freedom struggle only to suppress the treasury of the government.  The British Government felt the need for a budget was getting vacant and hence on 28 November 1859, the finance expert Sir James Wilson was called to India.

                    James Wilson (1860) 


 Start of income tax  ~~~

 Although there was an account of the work being done by the English government in this budget and where they should invest money, there was such a thing, but one of the biggest things which turned the economy of India was the Income Tax Act.  Earlier, the tax which the British government used to take was not on any special basis. 

 James Wilson gave India the first Income Tax Act to compensate for the loss in 1857.  There have been changes from time to time.  But today's model taxa began in Sir 1860. 

 Wilson's budget gave the British government a tool with which the new government could easily increase revenue, and the new tax policy for the economically weaker sections and middle class traders was already going to break the back. 

 After the Income Tax Act, not only the weaker sections but also the landlords and big businessmen got upset.

 James Wilson used to sell hats 

 Once upon a time James Wilson used to sell hats Surprisingly, he was fond of economics, he had not studied any method of economics but he was a good knowledge of economics, in 1843 he started The Economist. 

 He started writing about economics and the British economy. He sold his assets and started Chartered Bank of India, Australia and China in 1853. This bank became Standard Chartered Bank in 1969.

 In view of this work, he was called Member of Parliament (England) by the British Government.  ) And was made the Finance Secretary of the UK Treasury.  There's good work in India I went to after he was sent to reform the British Government Budget In April August 1860 and then died.