TCS rate on foreign education remains unchanged in India

The TCS rates applied to foreign education for students going abroad will remain unchanged for this year. The rates applicable in the previous year will continue from July 1, 2023. As per the finance ministry, the TCS exemption rate is Rs.7 lakhs, and the TCS rate is 0.5%.

This means that if you are taking the help of a bank for financing  your education loan below seven lakhs, then no TCS rate will be applied. On the other hand, if the loan is more than seven lakhs, then a TCS rate of 0.5% will be used