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Registering on the Government e-Marketplace (GeM) portal is essential for businesses and individuals who want to participate in government procurement in India. The process can seem complex at first, but with clear guidance, it becomes straightforward. This post will walk you through the steps to register on the GeM portal, explain how to activate your account, and provide practical tips to ensure a smooth experience. Understanding the GeM Portal Registration The GeM portal i

Navigating the complexities of tax laws can be challenging, especially when it comes to understanding how to claim input tax credit in India. This mechanism plays a crucial role in reducing the tax burden on businesses by allowing them to offset the tax paid on inputs against their output tax liability. In this article, I will break down the concept of input tax credit, explain its importance, and guide you through the process of claiming it effectively. The Importance of Kno

Types of Resident in Income Tax As per Indian Income Tax laws, an individual’s residential status can be of the following types: Resident and Ordinarily Resident (ROR) As per Section 6(1) of Income Tax Act, for individuals to be deemed as residents, they have to satisfy the following criteria: · They reside in India for 182 days or more within a fiscal year. · If they stay for 730 days or more in India within a time-period of 7 years before the current financia

Understanding ITR Filing in India In India, filing Income Tax Returns (ITR) is a crucial process for individuals and businesses alike. The government mandates that anyone earning above a certain threshold must submit their ITR annually. The primary purpose of ITR filing is to assess the income of taxpayers and determine the tax liability. There are different forms of ITR, each catering to various categories of taxpayers, such as individuals, companies, and partnerships. Impo