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<h1>Section 43A: Foreign exchange gains and losses treated as business income or loss, computed per notified ICDS</h1> Subject to the provisions of section 43A, gains or losses arising from changes in foreign exchange rates are to be treated as income or loss of a business or profession and must be computed in accordance with the notified income computation and disclosure standards. Such foreign exchange effects apply to all foreign currency transactions, including monetary and non-monetary items, translation of financial statements of foreign operations, forward exchange contracts, and foreign currency translation reserves.