Ans: Hi Mehul
A HUF cannot claim the benefit of rebate under section 87A with the enhanced limit of Rs. 7 Lakhs hence based on the tax saving investments of the HUF, the relevant tax (if applicable) would be levied

Ans: New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 30 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.600000 under new tax regime and under old it will be 667500.

However, if person take PPF benefit of 1.5 lac, 25k in mediclaim, housing loan interest deduction 2 lacs, 50k standard deduction from salary; tax liability under old regime will reduce to 585000.

Ans: Hi Dipankar
Standard deduction of Rs. 50,000 was not introduced in this budget and was there for all salaried individuals. However, till the last year this standard deduction was not available to those individuals who opted for the new tax regime,

The current budget proposal aims at extending this benefit to individuals opting for the new tax regime as well

Ans: Person getting salary of Rs.8.5 lakh, not claiming much of deduction is likely to save tax under new tax regime, as tax liability is expected to be lower with new slab rate proposed for FY 23-24 under new tax regime