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of <h1>Rule 102: Directors Must Be Full-Time Employees & Own Less Than 5% Voting Power for Gratuity Fund Benefits</h1> Rule 102 of the Income-tax Rules, 1962, stipulates the conditions under which a director of a company may be admitted to the benefits of an approved gratuity fund. A director can only be admitted if they are a full-time bona fide employee of the company and do not beneficially own more than five percent of the company's total voting power. This rule is applicable when the employer is a company as defined under the Companies Act, 1956.
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