The time constant is a measure of the time it takes for a capacitor to charge or discharge to approximately 63.2% of its maximum voltage when connected to a resistor. This concept is crucial for understanding how capacitors interact with resistive circuits, the energy stored within capacitors, and the behavior of RC circuits during transient processes. The time constant is denoted by the symbol $$\tau$$ and is calculated as the product of resistance (R) and capacitance (C), expressed as $$\tau = R \times C$$.