New Tax Credit Rules in India Benefit Parents Funding Children’s Studies Abroad
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Parents who send their children abroad for education from India can now claim credit for the Tax Collected at Source (TCS) on remitted funds, thanks to the introduction of Form 12BAA, effective from October. Previously, only the child could claim a refund of the TCS amount, but this new provision also allows parents to benefit.
Under the revised guidelines, parents can offset the TCS amount against their own tax returns. For remittances exceeding ₹7 lakh in a year for overseas studies, a TCS rate of 5% is applicable. To claim this credit, taxpayers must submit a declaration to the tax collection authority, providing details about the bank or institution that collected the TCS, along with their name, address, and proof of identity.
The declaration must also include the PAN of the individual claiming the TCS credit and specify the amount remitted for educational fees or travel expenses. This change, outlined in the central budget for 2024, enables taxpayers to set off both Tax Deducted at Source (TDS) and TCS amounts, streamlining the process for parents supporting their children’s education abroad.
Source: GUJRAT SAMACHAR
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