Budget 2026: FM Slashes TCS To A Flat 2% For Overseas Education, Health, & Holidays
Published on: Feb. 1, 2026, 3:26 p.m. | Source: Free Press Journal
Finance Minister Nirmala Sitharaman’s FY27 Budget brings major relief for global spenders by slashing Tax Collected at Source. Rates for overseas education and medical treatment under the Liberalised Remittance Scheme drop from 5 percent to 2 percent (for amounts over Rs 10 lakh). The steep 20 percent TCS on overseas tour packages has been cut to a flat 2 percent regardless of the amount.
