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of <h1>Guidelines for Income Tax Deduction from Salaries for 1971-72: Key Rules and Penalties Explained.</h1> The circular outlines the instructions for deducting income tax from salaries for the financial year 1971-72 as per the Finance (No. 2) Bill, 1971. Tax is deductible only if the estimated salary exceeds Rs. 5,000. Various deductions, such as life insurance premiums and provident fund contributions, are specified with limits. Standard deductions for travel expenses are provided based on the type of vehicle owned. No deductions are allowed for charitable donations or book purchases, and such claims must be made during assessment. The circular also warns of penalties for failing to deduct or remit taxes as required by law.
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