A look at the headlines in this sector right now:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.