How to Enter Speculative Business Income

ZenIT || How to Enter Speculative Business Income

How to Enter Speculative Business Income:

A flow is being suggested for entering the information under Speculative Business.

Information is required to be filled under the following sections:

  1. General Information > Profit & Loss Account
  2. Business & Profession Head
  3. Nature of Business
Step 1:
Go to Transactions >> General Information /BS/P&L >> Profit and Loss:


Step 2:
Enter the Speculative Turnover detail in point no 63:


Step 3:
Go to Transactions >> Business and Profession Head >> Speculation:


Step 4:
Go to transactions >> Filling information >> Nature of business:
Here, the nature of the business has to be selected according to your Speculative Business
Hope This Helps.

    • Related Articles

    • ZenIT || How to Fill Intraday and Speculative Business Income

      What Is Intraday Trading: Shares bought and sold (long trades) or sold and bought (short trades) within a single trading day are known as intraday trading. The trader’s purpose in intraday trading is not to own the equity shares but to take advantage ...

    • Income Tax Auditor manual updation

      If the client is using Spectrum software but wishes to update only the Income Tax Auditor, then: To resolve the error, please follow the steps provided below: Step 1: Navigate to the root location of the software, which can be either "C:\Program ...

    • Income Tax || Auditor Information

      Navigate to "Transactions" → "Auditor Information". Enter Tax Audit Information: Financial Statement and Audit Report: Choose the format for Balance Sheet and Profit & Loss account (Vertical or Horizontal). Specify whether Tax Audit under section ...

    • Income Tax || Advance Tax

      Advance Tax Summary → Advance tax is the payment of income tax in installments throughout the financial year based on an estimated income. Rather than a lump sum payment at the end of the year, taxpayers are required to remit their tax liabilities ...

    • ZenIT || How to Calculate Tax on Agriculture Income

      Calculating Tax on Agriculture Income Take the sum of the agricultural income and non-agricultural income. The Tax (A) should be computed on this amount. Example: The base tax slab varies according to changes in the Income Tax guidelines. Add the ...