Tax deduction waiver for ship lease rent to IFSC units applies only on prescribed declaration and opted tax years. No deduction of tax is required on lease rent or supplemental lease rent paid by a lessee to a Unit of an International Financial Services Centre for leasing of a ship, where the lessor furnishes the prescribed statement-cum-declaration in Form No. 1(N) and the payment relates to the tax years for which the lessor has opted to claim deduction under the notified incentive provision. The lessee must stop deduction after receipt of the declaration, report the non-deducted payments in the prescribed statement, and deduct tax outside the opted twenty-year period.