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.

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Due Dates

  • GSTR 3B for August 2020 (15 States/UT’s - Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) Oct 1st, 2020
  • GSTR 3B for August 2020 (22 States/UT’s - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi) Oct 3rd, 2020
  • GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
  • Monthly GSTR 6 for September 2020 Oct 13th, 2020
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for September 2020 Oct 10th, 2020
  • CMP 08 for July to September 2020 Oct 18th, 2020
  • GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 3B for September 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY) Oct 20th, 2020
  • GSTR 9 and 9C (Annual Return) FY 2018-19 Oct 31st, 2020
  • GSTR 1 (Quarterly) for July to September (Summary of outward supplies where turnover is upto Rs 1.5 crore) Oct 31st, 2020
  • Annual GSTR 4 for FY 2019-20 Oct 31st, 2020