Union Budget 2026-27: What NRIs Must Know

The TCS is reduced to 2% from 5% for educational and educational remittances, as well as for foreign travel, benefiting families sending money abroad. Not just NRIs, this LRS TCS change also applies to residents remitting outward; NRIs benefit indirectly through lower costs for dependents. The thresholds for the same remain unchanged. 

The resident biyers of an NRI oriey no longer need a TAN for TDS under section 195 of the Income Tax Act. This has simplified home purchases, streamlined TDS deposit procedures via PAN, and reduced paperwork for NRIs selling their immovable assets in India. 

FAST stands for Foreign Asset of Small Taxpayer Disclosure Scheme. It is a voluntary regularization process for undisclosed foreign assets or income exceeding Rs 2 Cr. 

The filing deadlines of Schedule FA are extended to October 31; The ITR U window  for foreign disclosures is now 4 years.