Union Budget 2025-26: Tax Break Announced for Indian Study Abroad Aspirants
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The Union Budget 2025-26 has brought good news for Indian students planning to study abroad. Finance Minister Nirmala Sitharaman, in her budget speech on Saturday, announced revised Tax Collected at Source (TCS) rates on foreign remittances, reducing the financial burden on students and their families.
TCS Relief on Study Abroad Expenses
Under the new provisions, no TCS will be applicable on remittances up to INR 7 lakh for students taking educational loans from approved charitable or recognised financial institutions under Section 80E of the Income Tax Act. For remittances above INR 7 lakh, normal TCS rates will apply.
For institutions not covered under Section 80E, a 5% TCS will be levied on amounts exceeding INR 7 lakh. This revision aims to make studying abroad more affordable for Indian students.
Government’s Tax Reform Measures
The Union Budget 2025-26 also proposes direct tax reforms to promote good governance. The Finance Ministry has announced:
- Increase in TDS Limit for Senior Citizens: The tax deduction limit on interest has been doubled from INR 50,000 to INR 1 lakh.
- Higher TDS Exemption on Rent: The annual TDS limit on rent has been raised from INR 2.4 lakh to INR 6 lakh, benefiting small taxpayers.
- Increased TCS Threshold for Foreign Remittances: The minimum limit for TCS under RBI’s Liberalised Remittance Scheme (LRS) has been raised from INR 7 lakh to INR 10 lakh.
- Decriminalisation of TCS Payment Delays: Late TCS payments up to the due date of filing statements will no longer be treated as a criminal offence.
The government has also introduced international tax reforms, including a three-year arm’s length pricing scheme to streamline transfer pricing and reduce litigation.
With these changes, the Indian government aims to make foreign education more accessible and reduce tax complexities, benefitting thousands of students across the country.
Source: SHIKSHA
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