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

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

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

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

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