Q1. When was the Wealth Tax first introduced in India?
A 1991
B 1948
C 1976
D 1957 Correct
Explanation
The Wealth Tax was first introduced in India through the Wealth-tax Act, 1957, so 1957 is the keyed year. The year 1991 belongs to the major economic reforms period, not to the beginning of wealth taxation. The year 1948 is too early for this specific direct tax law. The year 1976 is associated with later tax and policy changes, but it was not the year in which Wealth Tax was first introduced.