https://www.taxtmi.com/circulars?id=9157 Directors qualify for approved superannuation fund benefits only if they are whole time bona fide employees and do not beneficially own shares above the specified voting threshold. Contributions for directors who fail either condition are not deductible as employee or employer contributions; such amounts do not vest as taxable income in the year of contribution but become taxable when due and are not eligible for the fund exemption. Commissioners must review approvals, issue show cause notices, require segregation of non qualifying contributions and pursue remedial measures for wrongful deductions. en-us Wed, 25 Jan 1978 00:00:00 +0530 Thu, 02 Jun 2011 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9157 Directors qualify for approved superannuation fund benefits only if they are whole time bona fide employees and do not beneficially own shares above the specified voting threshold. Contributions for directors who fail either condition are not deductible as employee or employer contributions; such amounts do not vest as taxable income in the year of contribution but become taxable when due and are not eligible for the fund exemption. Commissioners must review approvals, issue show cause notices, require segregation of non qualifying contributions and pursue remedial measures for wrongful deductions. Circulars Income Tax Wed, 25 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9157