Sir James Wilson, who introduced income tax in India in 1860, is a notable figure beyond taxation: he founded The Economist magazine and the bank that later became Standard Chartered, and served as the first Finance Member of the Council of India. The tax he introduced was a response to the severe financial shortfall the British government faced after the Revolt of 1857. India's direct tax law was then reorganised by the Act of 1922 and finally by the Income Tax Act, 1961, which remains in force. In recent years administration has moved online, with faceless assessment, e-filing and pre-filled returns, and the government has moved to replace the 1961 Act with a new, simplified income tax law.