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of <h1>ICDS VI Withdrawal: Impact on Foreign Exchange Rates in Income Computation for AY 2016-17 Explained</h1> The Income Computation and Disclosure Standard VI (ICDS VI) for AY 2016-17, now withdrawn, addressed the effects of changes in foreign exchange rates for income computation under 'Profits and gains of business or profession' or 'Income from other sources.' It covered the treatment of foreign currency transactions, translation of financial statements of foreign operations, and treatment of forward exchange contracts. The standard defined key terms like average rate, closing rate, and foreign currency transaction. It specified guidelines for initial recognition, conversion, and recognition of exchange differences, with exceptions per the Income-tax Act and Rules. It also outlined procedures for translating financial statements of integral and non-integral foreign operations and handling forward exchange contracts. Transitional provisions applied to transactions from April 1, 2015.
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