From July 2023 TCS (Tax Collected at Source) on Foreign Remittance will impact students going abroad

Good information 👍

Very clearly explained. Thank you.

What about if money sent to student bank account abroad below 6.9 lakh per annum .
How much tax bank will take ?

Hello it was good explanation i am having a doubt as you said if i take any education loan from any bank or NBFC tcs will be 0.5% how bank know that amount is from education loan. As some NBFC do send their loan amount to personal bank from personal bank we gonna do pay for education

What if my parents send money to my personal account for educational purposes, how much tcs will be there?

Thanks for the clarification 😊

Sir, my financial institution which has sanctioned my loan is saying that, they will load the whole disbursed amount into my forex card and with that I need to deposit that money in my US Bank and pay the fees in that way... So, when I asked them regarding TCS, they were saying like it will only charge 0.5% and we will ensure to show it as money paying for educational purpose and in that way it will only draw 0.5% is what they are saying... So, can you have your say on this.. I was in dilemma after watching your video on how this tcs is gonna charge in our case.

Sir i need to pay GIC for Canada 10000 dollar . Can you plz tell me shall i pay it before 1st July or or i don't need to worry because it's only 6 lakhs ?? Can you please clear my doubt

Very useful!!

Thanks for clarifying.

If bank is not able to deduct the TCS due to Insufficient balance ...then how this process continues...If someone not maintain a balance

Is this applicable for NRIs who repatriate money from NRO accounts?