TCS on Education & Medical Cost for Overseas Sending Money

We would like to inform you that the Union Budget 2023 has increased Tax Collection at Source (TCS) on foreign remittances under LRS (Liberalised Remittance Scheme) from 5% to 20% for all purposes except Education and Medical and will be effective from 1st October, 2023.

Sr No Purpose of Remittance TCS applicable at Present (till 30th September, 2023) TCS applicable from or after 1st Oct, 2023 1 Education where source of funds is education loan* 0.5% of the aggregate amount in excess of INR 7 lakhs** No change 2 Education (funded by self) and Medical 5% of the aggregate amount in excess of INR 7 lakhs** No change 3 All other purposes under LRS*** 5% of the aggregate amount in excess of INR 7 lakhs** 20% of total remittance value

T&C Apply. *Obtained from any financial institution as defined in Section 80E of Income Tax Act, 1961 **All charges applicable in a financial year and specified persons may be subjected to a higher tax slab ***This will apply to all LRS purposes including foreign trips, investing overseas and gift remittances except for education and medical purposes. Trade like a pro with our intraday bank nifty option tips and be on the right side of the market always and every time.