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          <h1>Income from leased ships now eligible for 100% deduction under Section 80LA; starts April 2023 for 10 years.</h1> Section 80LA of the Income-tax Act is being amended to include income from ships, alongside aircraft, for deductions related to Offshore Banking Units and International Financial Services Centres. Effective April 1, 2023, this amendment allows income from the transfer of leased ships to be eligible for a 100% deduction for ten consecutive years within a fifteen-year period, provided operations commence by March 31, 2024. The term 'ship' will align with its definition in section 10(4F) of the Act. These changes apply to the assessment year 2023-2024 and onwards.

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