The Income Tax (Deduction for the Sponsorship of Hallmark Event) (Amendment) Rules 2023 [P.U. (A) 351, gazetted on 09/11/2023] related to tax deductions for sponsoring hallmark events is to extend the period during which sponsors can claim deductions for sponsoring hallmark events.
Specifically, the amendment changes the expiration date for this provision from “31 December 2022” to “31 December 2024”.
This allows sponsors to continue receiving tax deductions for sponsoring such events for an additional two years.
