*Please note that applicable TCS varies with the purpose of your Forex purchase and certain other factors. For more details click here
From April 1, 2026, forex transactions under LRS of up to ₹10 lakh in a financial year are not subject to TCS. For amounts exceeding ₹10 lakh, 20% TCS applies to most forex transactions, while education and medical remittances continue to be taxed at concessional rates.
| Type of Transaction | Previous TCS Rate | New TCS Rates (Union Budget 2026) |
|---|---|---|
|
Purchase of Forex (Currency Notes & Forex Card) |
20% (on spends over ₹10 lakhs in a financial year) | 20% (on spends over ₹10 lakhs in a financial year) |
| Outward Remittances (except for education & medical purposes) | 20% (on spends over ₹10 lakhs in a financial year) | 20% (on spends over ₹10 lakhs in a financial year) |
| Outward Remittances (for medical purposes) | 5% (on spends over ₹10 lakhs in a financial year) | 2% (on spends over ₹10 lakhs in a financial year) |
| Outward Remittances for Education (without loan) | 5% (on spends over ₹10 lakhs in a financial year) |
2% (on spends over ₹10 lakhs in a financial year) |
| Outward remittances for education (with education loan) | 0% (no TCS applicable) | 0% (no TCS applicable) |
For more details about New Tax Collected at Source (TCS) slabs, click on the link below:
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