Tax deduction exemption for aircraft lease rent to IFSC units applies only with the prescribed declaration and limited tax-year window. No deduction of tax is required on lease rent or supplemental lease rent paid to a Unit located in an International Financial Services Centre for aircraft leasing, where the lessor furnishes the prescribed statement-cum-declaration in Form No. 1(N). The relaxation applies only for the twenty consecutive tax years for which the lessor opts to claim deduction under section 147, and the lessee must deduct tax for any other year. The lessee must also report the relevant payments, while the designated systems authority may prescribe procedures, formats, standards, and data security arrangements.