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How Budget 2024 Impacts Study Abroad: Student Debt or Budget Relief?

The 2024 budget has significant implications for Indian students aspiring to study abroad. Here's a breakdown of key points and their potential impact:

TCS Regulations and Education Financing

Tax Collected at Source (TCS):

  • For education financed through loans, TCS is 0% up to Rs. 7 lakh and 0.5% beyond that.
  • For self-financed education, TCS is 5% over Rs. 7 lakh, with 0% for amounts below Rs. 7 lakh.

These measures aim to ease the tax burden on families while ensuring better tax compliance.

Government Support for Domestic Education

  • Loans up to Rs. 10 lakh for higher education in India will receive government support, including a 3% interest subsidy.
  • The Union Budget allocates Rs. 1.48 lakh crore to workforce, education, and skill-building initiatives.

Impacts on Study Abroad Aspirations

  • The budget emphasizes reducing student debt and supporting domestic education, potentially leading to a shift in student preferences.
  • Popular destinations such as the US, Canada, and Australia may see changes in student inflow due to financial and policy adjustments.

While these measures may alleviate some financial pressure, they also underscore the importance of thorough planning and understanding the financial implications of studying abroad.

Contact Us: If you're aiming for top universities worldwide, contact us at 8287003240 or email us at info@dreamcollegeabroad.com.

#StudyAbroad #IndianStudents #Budget2024 #EducationLoans #TCS #HigherEducation #DreamCollegeAbroad

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