Describe the deductions from the wages of an employee under the Payment of Wages Act, 1936.

Section 7(2) of the Payment of Wages Act, 1936 allows deductions from the wages of an employee on the account of the following: - fines; for absence from duty; damage to or loss of goods expressly entrusted to the employed for custody, or for loss of money for which he is required to account, where such damage or loss is directly attributable to his neglect or default; house-accommodation supplied by the employer or by Government or any housing board set up under any law for the time being in force (whether the Government or the board is the employer or not) or any other authority engaged in the business of subsidizing house-accommodation which may be specified in this behalf by appropriate Government by notification in the Official Gazette; such amenities and services supplied by the employer as the appropriate Government or any officer specified by it in this behalf may, by general or special order, authorise; recovery of loans made from any fund constituted for the welfare of labour in accordance with the rules approved by the appropriate Government, and the interest due in respect thereof; subscriptions to and for repayment of advances from any provident fund; income-tax; payments to co-operative societies approved by the appropriate Government or to a scheme of insurance maintained by the Indian Post Office; deductions made with the written authorization of the employee for payment of any premium on his life insurance policy or purchase of securities.