Lessors in IFSC exempted from tax deduction at source on dividend as per latest government norms

In a significant boost to the aircraft leasing business at GIFT City, Gujrat, India, the Union finance ministry has said the dividend paid by a unit in an International Financial Services Centre that engages in aircraft leasing business to another such unit in an IFSC will not be subject to tax deducted at source (TDS). The Central Board of Direct Taxes (CBDT) has notified these changes and also laid out conditions that these units will have to fulfil to avail the tax exemption. The payee would be required to furnish a statement-cum-declaration with the tax department to claim exemption. The notification