Planning to study abroad? Budget 2026 reduces tax burden on education funds

The Union Budget 2026 has introduced significant changes that are set to ease the financial load on students planning to study abroad. One of the key highlights is the reduction in the tax collected at source (TCS) on education-related remittances. Previously, the TCS rate was a considerable burden on families, but the new budget has slashed this rate, making it more feasible for students to access international education opportunities. This reduction in TCS is expected to make a substantial difference in the overall cost of studying abroad. Families often face hefty expenses when sending students overseas, and the lowered tax rate aims to alleviate some of these financial strains. By reducing the TCS, the government is not only supporting students' aspirations but also promoting educational exchanges and international collaborations. Moreover, this move is anticipated to encourage more students to consider studying in foreign institutions, thereby enriching their academic and cultural experiences. The change reflects the government's commitment to fostering global learning and enhancing the skills of future professionals. As students and families begin to plan for overseas education, the revised tax policies will likely play a pivotal role in shaping their decisions.

— Authored by Next24 Live