A look at the headlines in this sector right now:
- Centre proposes 30% tax, 10% penalty and 33% surcharge on undisclosed income: However, the tax department will levy 75% tax and 10% penalty on any wealth not declared voluntarily but detected after demonetisation.
- Pay first tax instalment under Income Declaration Scheme by November 30, I-T department tells citizens: Declarants will have to pay off the entire amount by September 30, 2017.
- Indian IT firms rush to hire in the US fearing a tighter H1-B visa regime under Donald Trump: Companies such as Tata Consultancy Services, Infosys and Wipro are among the most frequent users of the programme.
- Urjit Patel says RBI trying to ease pain of citizens who have been hurt: Nearly three weeks after the move was announced, the central bank’s governor told PTI they were monitoring the situation on a daily basis.
- Uber looking to make India regional operations hub, planning new features: The company’s South Asia president Amit Jain said it would not expand beyond the 29 cities in which it currently operates.
- After Free Basics, Facebook tests ‘Express Wi-Fi’ in India: The social media giant says it is trying to provide an affordable internet service in the rural parts of the country.
- Flipkart registers doubled loss of Rs 2,306 crore: Similarly, its revenue also increased 153% to touch Rs 1,952 crore during the financial year that ended in March 2016.

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