Can these deductions make you tax free?

If the net taxable income after all deductions does not exceed Rs 5 lakh, the taxpayer won’t have to pay any tax. Find out if you are eligible for any of these tax deductions to lower your income below the threshold.

1. Savings account interest
   Sec 80TTA
   Up to Rs 10,000 interest earned on a savings bank account balance is exempt from tax.
2. Medical insurance
   Sec 80D
   Up to Rs 25,000 premium for medical insurance of self and family and Rs 25,000 for parents (Rs 50,000 if they are senior citizens).
3. Education loan
   Sec 80E
   Interest paid on education loan for self or dependant. Deduction can be claimed for a maximum of eight financial years.
4. House rent without HRA
   Sec 80GG
   If taxpayer doesn’t get HRA, he can claim lowest of the following three: Rs 5,000 a month, 25% of income or rent paid minus 10% of income.
5. Donations
   Sec 80G
   Donations to eligible organisations can be claimed as deduction. Donations of over Rs 2,000 cannot be made in cash.
6. Purchase of electric car
   Sec 80EEB
   Up to Rs 1.5 lakh interest paid on loan to buy an electric vehicle is tax deductible.
7. Disability
   If taxpayer or dependant suffers from disability, deduction of Rs 75,000-1.25 lakh can be claimed.
8. Medical treatment
   Sec 80DDB
   Up to Rs 40,000 if taxpayer or dependant suffers from any of the specified disease. Rs 1 lakh in case of senior citizens.