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Customize Permissions For Sharepoint. Go to the More features page of the new SharePoint admin center and sign in with an account that has admin permissions for your organization. If you really need to alter a permission level DO NOT change the default one create a new one instead.
According to the site hierarchy sites default permissions. To create a custom permission level go to Site Actions-Site Settings. To add edit or delete an audience or an audience rule go to the Manage Audiences page.
To add edit or delete an audience or an audience rule go to the Manage Audiences page.
Now within the PERMISSIONS tab click Stop Inheriting Permissions option. Open your SharePoint Online and then select any item from the Document category. This page displays the available options and their current settings. Go to the library or list and open it.