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of <h1>Govt Exempts IFSC Aircraft Leasing Units from Tax Deductions on Dividends u/s 194, Effective Sept 1, 2023.</h1> The Central Government has issued Notification No. 52/2023, effective from September 1, 2023, exempting any unit of an International Financial Services Centre (IFSC) engaged in aircraft leasing from tax deductions on dividends under section 194 of the Income-tax Act, 1961. The payee must submit a statement-cum-declaration in Form No. 1 to the payer, confirming eligibility for exemption under section 10(34B). The payer, upon receiving this form, should not deduct tax and must report such payments in the tax deduction statement. The Principal Director General of Income-tax (Systems) will establish procedures for secure data handling.
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