TCS on overseas remittances cut to 2% starting April
Business
Starting April 1, the tax you pay upfront (TCS) when sending money overseas, whether for travel, studies, or medical needs, is now just 2%.
That's a huge drop from earlier rates that could go up to 20% for tour packages and 5% for education or health care.
More of your money stays with you at the start.
Taneia Bhardwaj warns markups erode savings
The lower TCS makes it easier to manage big payments abroad, especially if you're planning a trip or studying outside India.
But keep in mind: experts say things like foreign exchange markups can still add extra costs.
As Taneia Bhardwaj of Wise points out, even a small markup on large transfers can eat into your savings, so it's smart to compare rates and pick transparent service providers.