Study Abroad: New TCS Rates from July 2023 for Foreign Remittances

Union Budget 2023: TCS for foreign remittances under LRS from July 2023 will be 20% and 0.5% on Education Loan

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20% TCS on international transfers, foreign trips, overseas investments, and all others.

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Study abroad education loans and medical expenses in foreign lands will not be included in the new scheme.

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5% TCS will be levied on the living expenses sent internationall for study abroad Indian students.

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Essential step for international transfer under LRS: Fill out A-2 Form

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