Basic customs duty will be levied on electronic components such as printed circuit boards, camera modules and displays, which are at present imported without any duty.
The company's revenues stood at Rs 470 crore in the October-December quarter of the 2017-18 fiscal, a growth of 31 per cent over the year-ago period, RNAM said in a statement.
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Tablet personal computers (PCs) carried a 5 per cent sales tax before the implementation of the goods and service tax (GST) and due to tax rebates in certain states, as part of make-in-India, the 5 per cent was waived-off, Datawind CEO & President Suneet Singh Tuli said.
Tax experts expect FM Arun Jaitley to raise the investment cap under Section 80C of I-T Act to around Rs 2.5-3 lakhs.
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The target for 2017-18 is Rs 41,891 crore and the department has been able to collect 69 per cent of the target till now, a top income-tax official said.
Brijesh Upadhyay, general secretary of Bharatiya Mazdoor Sangh, said salaried class employees shouldn’t be paying taxes. He said such a thing can be achieved if only best practices are followed.
Titled "Keep Away from Benami Transactions", it described black money as a "crime against humanity" and urged "conscientious citizens to help the government in eradicating it".
In a statement, the ministry said provisional numbers for direct taxes collections showed an 18.2 per cent growth during April-December.
Though the availability of sugar this year remains as tight as last year, India will have enough sugar to meet domestic demand without overseas purchases, the official, who was not authorised to speak to the media, said.
The move could be part of a strategy to encourage people to save more in financial instruments.
After implementation of the Goods and Services Tax (GST) from July 1, the requirement of carrying e-way bill was postponed pending IT network readiness. This was done even in the 17 states which in the pre-GST era had a well established electronic challan or e-way bill system, a top government official said.
The measure announced late Thursday is Beijing's first major reaction to the US decision to cut corporate tax rates. It follows a flurry of promises by communist leaders to spur growth in the slowing, state-dominated economy by opening more industries wider to foreign companies.
Depending on the time of pay-out the tax treatment changes.
The value-added tax, or VAT, will apply to a range of items like food, clothes, electronics and gasoline, as well as phone, water and electricity bills, and hotel reservations.
Deduction under Section 80C is not only available for investments but also for specified expenditures/payments made by the tax-payer.
The momentous occasion came today afternoon when the House of Representatives passed the USD 1.5 trillion tax reform bill for the second time by 224 to 201 votes to clear the technical snag in the passage of the bill, which was passed by the Senate and House earlier.
"The President has delivered on promise after promise, issue after issue, time after time, and we're just getting started," White House Press Secretary Sarah Sanders told reporters at her daily news conference, soon after the bill was debated in the Senate.
According to the government notification, Customs duty on television set has been raised to 20 per cent while on imported smartphones, the duty has been hiked to 15 per cent.
The legislation, which will slash corporate taxes as well as cutting those for individuals, has been criticized as primarily benefiting the wealthy.
While companies are rejoicing, experts opine it is too early for it.
The rise in tax from 10 percent to 15 percent on handsets will make imports of phones - including most of Apple's iPhone models - more expensive at a time the company's revenue growth is slowing in India's $10 billion smartphone market.
Trump recognised the tax reform as a campaign promise during his run-up to the 2016 presidential election, saying the "giant tax cut" will be his "Christmas gift" to fellow countrymen.
They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.