Taxation of casual winnings reclassified as taxable income, with new withholding and tightened exemptions affecting trusts and contractors. The Finance Act, 1972 updates tax rates and withholding regimes, treating winnings from lotteries and similar prizes as taxable income with source deduction under a new provision and imposing withholding on payments to contractors and sub contractors. It withdraws certain industry and cooperative dividend concessions, narrows exemptions for casual receipts, and prescribes conditions for charitable trusts to retain tax exemptions including registration and audit requirements. Wealth tax and gift tax provisions are amended to clarify exemptions, add asset categories, allow holding period concessions on converted exempt assets, increase interest on arrears and refunds, expand treaty powers for information exchange and recovery, and empower rules regulating admission of additional appellate evidence.