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of <h1>Guidelines for Salary Tax Deductions in FY 1972-73: Income Tax, Allowable Deductions, Penalties, and Compliance.</h1> The circular provides instructions for the deduction of income tax at source from salaries during the financial year 1972-73, as outlined in the Finance Bill, 1972. Tax is deductible only if the estimated salary exceeds Rs. 5,000. Various deductions are allowed, including life insurance premiums and provident fund contributions, with specific limits. Standard deductions for travel expenses are provided based on vehicle ownership. No deductions are allowed for charitable donations, which must be claimed separately. The circular also emphasizes compliance with tax deduction requirements under penalty of imprisonment and fines. Changes to the Finance Bill will be communicated if made.
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