Here's a rundown of 11 significant news stories to keep you in the know:

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20% TCS on Credit Cards — a penalty on tax payers to pay for the incompetence of the government to catch evaders

The central government has doused the anger over the 20 percent tax collection at source (TCS) that it has announced on all credit card spends by saying it wont apply on transactions upto Rs 7 lakh. But a closer look shows that an important modus of consumer spend – going for a foreign tour – continues to attract 20 percent TCS.

The Chief Economic Advisor writing in the Indian Express gave the following reasons: “remittances under the Liberalised Remittance Scheme (LRS) have increased multifold in the last few years, and as per data published by the Reserve Bank of India (RBI), LRS remittances which were Rs 0.9 trillion in FY2019, crossed Rs 2 trillion in FY 2023. “ he wrote.

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Badly hit by unseasonal rains, Maharashtra farmers still await their crop damage compensation

Usually this time of the year, farmers are busy selling their produce, paying off their debts, and preparing for their next harvest cycle which begins with the onset of monsoon. But, for most of the farmers of Maharashtra, none of this is happening this year. The episodes of unseasonal rains and hailstorms, which started in March, have proven to be catastrophic for Maharashtra's farmers.

The unseasonal rains and hailstorm which started in the first week of March, continues to damage crops. First, the rains hit the standing rabi crop and now it's affecting the crops stored in the open.

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