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Rule 86 of Income Tax Rules 1962: Admission of Directors to a Fund

Rule 86 : Admission of directors to a fund
(Part XIII : Approved Superannuation Funds)

Where the employer is a company as defined in clause (i) of sub-section (1) of section 3 of the Companies Act, 1956 (1 of 1956), a director of the company may be admitted to the benefits of the fund only if he is a whole-time bona fide employee of the company and does not beneficially own shares in the company carrying more than five per cent of the total voting power.




Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.
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