Tax deduction exemption for ship leasing rent paid to IFSC units, subject to prescribed declaration and declared tax-year period. No deduction of tax is required on lease rent or supplemental lease rent paid to an International Financial Services Centre Unit leasing a ship, subject to receipt of the prescribed statement-cum-declaration and compliance with the declared twenty consecutive tax years for which deduction under section 147 is opted. The lessee must cease deduction only after receiving the form, report the non-deducted payments in the prescribed statement, and deduct tax for any year outside the declared period. Secure procedures, formats, standards, archival and retrieval policies are to be prescribed for data handling.