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of <h1>Rule 86: Directors Must Be Full-Time Employees with Limited Share Voting Power to Join Superannuation Funds.</h1> Rule 86 of the Income-tax Rules, 1962, addresses the admission of directors to approved superannuation funds. It stipulates that a director of a company, as defined under the Companies Act, 1956, can only be admitted to the benefits of such a fund if they are a full-time bona fide employee of the company. Additionally, the director must not beneficially own shares in the company that carry more than five percent of the total voting power.
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