Reduce TCS for Parents Sending Money to Children Studying Abroad: Mumbai Cong Chief to Sitharaman

As per the current regulations, a 5% TCS is levied on international transactions exceeding Rs 7,00,000. Mumbai Congress chief Varsha Gaikwad has urged Union Finance Minister Nirmala Sitharaman to reduce the TCS rate from existing 5% to 2% and an increase in the transaction limit to Rs 10,00,000