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of <h1>No TDS on Ship Lease Rent to IFSC Units u/s 194-I, Form No. 1 Required for Exemption.</h1> The Central Board of Direct Taxes has issued Notification No. 57/2023, effective from September 1, 2023, stating that no tax deduction at source (TDS) under Section 194-I of the Income-tax Act will be required on lease rent payments made by a lessee to a unit of an International Financial Services Centre (IFSC) for leasing a ship. The lessor must provide a statement-cum-declaration in Form No. 1 for the ten consecutive assessment years for which deductions under Section 80LA are claimed. The lessee must not deduct tax after receiving this form and must report such payments. The notification outlines procedures for secure data handling and defines relevant terms.
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