Study Abroad News & Alerts

The union budget of India that was opposed by the finance minister of India in February 2023, made some spectacular changes in personal finance. When people move abroad for studying or for a foreign trip or just sending money to someone abroad, they have to pay a certain amount of TCS that is tax collected on source. This TCS rate has increased from 5% to 20% for the majority of transactions. Only the medical and Education-based transactions that are under seven lakh rupees will come under the 5% category. Rest 20% TCS will be applicable from July 1, 2023. This has been done to encourage the citizens of India to spend most of their money in the country only. So if parents send more than Rs.7,00,000 to the children then they will have to pay around 20% TCS