Budget 2026: Overseas Education TCS Cut to 2% for Remittances Above Rs 10 Lakh
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Moneycontrol•01-02-2026, 15:35
Budget 2026: Overseas Education TCS Cut to 2% for Remittances Above Rs 10 Lakh
- •Union Budget 2026 reduces Tax Collected at Source (TCS) on overseas education remittances under LRS from 5% to 2% for amounts exceeding Rs 10 lakh.
- •The relief also extends to outward remittances for medical purposes, easing financial burden on families.
- •Finance Minister Nirmala Sitharaman announced the reduction during her budget speech.
- •Experts like Kunal Savani and Ankit Mehra view this as a timely relief, improving liquidity and affordability for students.
- •TCS on education loans from financial institutions remains at zero percent; some analysts suggest complete removal of TCS on self-funded remittances for greater relief.
Why It Matters: Budget 2026 slashes TCS on overseas education and medical remittances above Rs 10 lakh from 5% to 2%.
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