Foreign currency remittances from July 1 onwards will be taxed more, the education sector will also be affected MIGMG News

They will cover payments for foreign tours, buying foreign currency, sending gifts to friends or relatives abroad and buying foreign stocks, among others.

In case of education-related expenses for students studying abroad, if the parent can establish that the amount is for educational purposes, then TCS will be 5 percent, in case the aggregate amount is more than Rs.7 lakh.

If the amount is for tuition fees or hostel costs, then it is easier to establish the education link, but not if the student is living in rented accommodation away from campus while studying abroad.