Income Computation and Disclosure Standards: govern taxable income computation and clarify applicability, conflicts, and transitional treatment. Clarifies that ICDS govern computation of taxable income under the heads 'Profits and gains of business or profession' and 'Income from other sources' for specified persons, apply irrespective of accounting framework used for books, and do not replace books of account requirements. Where ICDS address transactional issues, their provisions apply for relevant assessment years, subject to override by specific statutory rules or sectoral provisions. The circular resolves operational points including recognition and timing of revenue, treatment of MTM gains/losses, derivatives, capitalization of borrowing costs, transitional treatment of grants and reserves, valuation of securities category wise, and disclosure obligations in returns and tax audit reports.