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of <h1>Income-tax Act Amended: New Clause 15A Exempts Tax on Aircraft Lease Payments by Indian Companies with Government Approval.</h1> Section 10 of the Income-tax Act, 1961, is amended by inserting clause (15A), which exempts from taxation any payment made by an Indian company operating aircraft to acquire an aircraft on lease from a foreign government or enterprise. This exemption applies only if the leasing agreement is approved by the Central Government. The term 'foreign enterprise' is defined as a non-resident entity.
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