Notification Specifying Exemption from TDS Deduction under Section 393(1) on Lease Rent Paid to a unit engaged in the business of leasing of Ship located in IFSC

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....nature of lease rent or supplemental lease rent, as the case may be, made by a person (hereinafter referred to as the lessee) to a person being a Unit of an International Financial Services Centre (hereinafter referred to as the lessor) for lease of a ship subject to the following, namely:- 1. (1) The lessor shall - (a) furnish a statement-cum-declaration in Form No. 1(N) annexed to this notification (hereinafter referred to as the said Form) to the lessee giving details of twenty consecutive tax years for which the lessor opts for claiming deduction under section 147 of the said Act; and (b) such statement-cum-declaration shall be furnished and verified in the manner specified in the said Form, for each tax year out of....

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....ave the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); and (c) "Unit" shall have the same meaning as assigned to it in section 2(zc) of the Special Economic Zones Act, 2005 (28 of 2005). 4. This notification shall be deemed to have come into force on the 1st day of April, 2026. FORM No. 1(N) Statement-cum-Declaration to be furnished by a Unit engaged in the business of leasing of a ship of an International Financial Services Centre (payee) to the Lessee (payer) PART-A  1.  Name (refer Note 1)  2.  PAN    3. Name of the unit located in IFSC (refer Note 1) &....

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....bove-mentioned Unit is engaged in the business of leasing of a ship and is eligible for deduction under section 147 of the Income-tax Act, 2025 (30 of 2025). I further declare that the above-mentioned International Financial Services Centre Unit has opted to claim the said deduction for the period from the tax year......... to the tax year......... I further declare that the above mentioned Unit continues to be a unit working in International Financial Services Centre and continues to be engaged in the business of ............ during the tax year .................. in which this statement-cum- declaration is being submitted. Verification I...................... in capacity as.......... of.................... (name of the payee) ....