3 tax hacks under new regime

The hugely popular Sweet child of mine may have been written and sung by Axl Rose of Guns N' Roses, but it could also describe the government's love for the new tax regime. Introduced in 2020 to simplify our tax structure, the new tax regime has been increasingly sweetened to attract more taxpayers. It's clearly working - the old regime is swiftly getting displaced, with 72 per cent of taxpayers now under the new regime as of FY2023-24, as per the government.