What are the benefits available to a senior citizen and very senior citizen in respect of tax rates?

Senior citizen tax exemption increases non-taxable income for senior and very senior taxpayers under the specified financial year.

Exemption limits provide elevated non-taxable thresholds for older age cohorts. For financial year 2022-23 resident senior citizens receive a higher basic exemption limit than non-senior taxpayers, yielding an additional non-taxable benefit. Resident very senior citizens receive an even higher exemption threshold for the same year, increasing the non-taxable income available to that cohort and constituting a material additional tax-relief benefit relative to non-senior taxpayers.