Deductions and Exemptions for NRIs

Like residents, NRIs are also entitled to claim various deductions and exemptions on their total income and they are as follows –

Deduction And Exemptions For NRIs

Like residents, NRIs are also entitled to claim various deductions and exemptions on their total income and they are as follows –‘

Deductions under Section 80C for NRIs

Other deductions allowed to NRI’s under section 80C are as follows –

Other Deductions under Section 80C for NRIs

Other deductions allowed to NRI’s under section 80C are as follows –

Life Insurance Premium Payment

The policy purchased by an NRI must be in his or her name or in the name of the spouse or child’s name (child may be minor/major, dependent/independent or married/unmarried). The premium of the policy must be less than 10% of the sum assured.

Children’s Tuition Fee Payment

NRI’s may take deduction on Tuition fees paid to any school, college, university or other educational institution situated within India for the purpose of full-time education of any two children. It also includes payments to play school, pre-nursery and nursery too.

Principal Repayments on Loan for the Purchase of a House Property

Deduction is also allowed for principal loan repayment for purchasing or constructing residential house property in India. It is allowed for stamp duty, registration fees and other expenses done for transferring of property to NRI.

Unit-Linked Insurance plan’s (ULIPS)

ULIP’s are the insurance plans which gives both investment and insurance benefit under one roof to the investor. NRI’s can easily take deductions under Section 80Cby investing in ULIP’s. NRI’s can also contribute towards unit linked insurance plans of LIC mutual fund. For ex - Dhanraksha 1989 and contribution to other UTI units -linked insurance plans.

Investments in ELSS/Mutual Funds

By doing investment in ELSS, you can easily claim deduction under section 80C up to Rs.1.5 Lakhs. Indian taxpayers or NRI taxpayers both are eligible and can enjoy the benefit of Exempt – exempt – exempt (EEE) as it offers great opportunity for the taxpayers to invest and earn from the equity market in a diversified manner.

MEET US

What Clients Say

Customer delight is our main goal and we are very serious about it.


Prakash Verma

Prakash Verma

“Finacbooks.com is a perfect example of a great customer service dealing with the best of accountancy services.“

Prakash Verma Signature


Praveen Chauhan

Praveen Chauhan

“They offered us good quality services in a least possible time at a best Price.“

Praveen Chauhan Signature


Pradeep Kochhar

Pradeep Kochhar

“Finacbooks.com is a trusted network of highly qualified accounting professionals who not only provided us quality accountancy services but also supported us by answering our each & every query on time without any delay. “

Pradeep Kochhar Signature

Informational, useful and resourceful

Blogs

Catch up our trending topics, news etc. in a simple, detailed and most professional way.

Modify and cancel e-way bill under GST
15 Jul, 2021

As we introduce ourselves to the GST system, we believe it's better to fill in all the correct information while submission, but still,... Read More

Annual compliances for a private limited company based on turnover
05 Jul, 2021

Mostly preferred by the start-ups ventures private companies provided the best stage for growth, innovation and stability. A private... Read More

Audit requirement of LLP
22 Jun, 2021

LLP provides the benefits of both less legal formalities and a corporate entity form. LLP is audited in accordance with the rule 24 of LLP,... Read More

Due Dates

  • Due date for deposit of Tax deducted/collected for the month of June, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

    Jul 07th ,2021
  • Due date for deposit of TDS for the period April 2021 to June 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.

    Jul 07th ,2021
  • GSTR-7 Summary of Tax Deducted at Source (TDS) and deposited under GST laws

    Jul 10th ,2021
  • GSTR-8 Summary of Tax Collected at Source (TCS) by e-commerce operators under GST laws

    Jul 10th ,2021
  • GSTR 1 for June 2021 (turnover more than INR. 1.50 Crore)

    Jul 11th ,2021
  • GSTR-6 Details of Input Tax Credit (ITC) received and distributed by an Input Service Distributor (ISD)

    Jul 13th ,2021