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1. In which year was the Income Tax Act, which has been in force since April 1962, introduced in India?
The Income Tax Act of 1961, introduced in India, has been a significant piece of legislation governing income tax since April 1962. This act was a major reform following earlier tax laws, establishing a comprehensive and structured tax system. It replaced previous tax regulations and has undergone several amendments over time to address evolving fiscal needs. The act is crucial in India's tax administration, marking a major milestone in the evolution of tax policy and management in the country.