Taxation is the primary source of revenue for any government and is based on the theory of the maximum welfare of society. The rates of income tax are different for people who are residing in India and for those who live overseas.
A Senior Citizen is a resident Indian who is of the age of 60 years and above and a Super Senior Citizen is a resident Indian who is of the age of 80 years and above at any time during the respective financial year.
The Budget for the FY 2022-23 had allowed certain taxpayers to file updated tax.