The 19th century saw the establishment of British Rule in India. Following the Mutiny of 1857, the British Government faced an acute financial crisis. To fill up the treasury, the first Income-tax Act was introduced in February, 1860 by James Wilson, who became British-India's first Finance Minister. The Act received the assent of the Governor General on July 24, 1860, and came into effect immediately. It was divided into 21 parts consisting of no less than 259 sections. Income was classified under four schedules: i) income from landed property; ii) income from professions and trade; iii) income from securities, annuities and dividends; and iv) income from salaries and pensions. Agricultural income was subject to tax.