The latest rates of tax collections from source will be applied from 1st October, 2023. 20% TCS will be applied on all four and transactions. Although there will be no TCS on any transaction, the most Rs.7 lakh, but above this amount, 20% TCS will have to be paid. 0.5% TCS will have to be paid on transactions around Rs.7,00,000 and any transaction above this amount will attract 5% TCS. In this case, all the money sent to the students who are studying abroad by parents will be taxed by the government. Although this is not a part of the direct expenses of studying abroad, this will surely increase the total amount of money that has to be spent on studying abroad. This will be applicable on all sorts of transactions whether it's for personal needs or for tuition fees.
