Finance Minister Nirmala Sitharaman, while presenting Union Budget 2026, proposed to cut tax collected at source (TCS) rate for pursuing education and medical purposes under the liberalised remittance scheme (LRS) from 5% to 2%.
FM Sitharaman Lowers TCS to 2% for Overseas Tours, Education and Medical Remittances
The government's move will to upfront tax burden when booking international tour packages
Finance Minister Nirmala Sitharaman
Advertisement
"I propose to reduce TCS rate on the sale of overseas tour program package from the current 5% and 20% to 2% without any stipulation of amount," she said.
"I propose to reduce TCS rate for pursuing education and for medical purposes under the LRS from 5% to 2%," she added.
The government's move will to upfront tax burden when booking international tour packages.
[This is a developing story]
