You may have to pay more upfront for your foreign travel and education

Get ready to spend more initially, if you are planning a holiday abroad or aspiring to pursue higher studies in a foreign university, or remittance for specified investments abroad. Budget 2020 has imposed a 5% tax collection at source (TCS) on payment to tour operators for foreign travel. Authorized dealers (ADs) of foreign exchange (typically banks) will collect this amount. If PAN is not provided to the AD, TCS will be collected at 10%. It has also imposed a 5% TCS on payments above ₹7 lakh a year under the Liberalised Remittance Scheme (LRS).

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