India, Feb. 2 -- When Veena Mathew sent her 23-year-old son to pursue Computer Science in London last year, she didn't just take on a Rs.50 lakh education loan - she also had to navigate India's complex tax collection system on foreign remittances.

But Union finance minister Nirmala Sitharaman's latest budget brings some relief to parents like Mathew, who finance their children's overseas education through loans.

The budget has removed the Tax Collected at Source (TCS) on foreign education remittances when funded through loans from specified financial institutions. Previously, such transactions attracted a 0.5% TCS on amounts exceeding Rs.7 lakh. The minister also raised the general threshold for TCS on overseas remittances from Rs.7 la...