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of <h1>ICDS I: Key for Income Computation, Not Bookkeeping; Focus on Accrual, Going Concern, Consistency in Tax Calculations.</h1> ICDS I on Accounting Policies is not applicable for maintaining books of account but is crucial for income computation under 'Profits and gains of business or profession' or 'Income from other sources.' It emphasizes accrual, going concern, and consistency, treating 'accounting policies' as 'computation policies.' This interpretation restricts the application of substance over form and non-recognition of mark-to-market losses to income computation only. Consequently, the policies disclosed under ICDS I pertain to income computation rather than accounting practices for maintaining books.
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