RULE 304 INCOME-TAX RULES 2026 Admission of directors to a fund.

Admission of directors to a fund.RULE 304 INCOME-TAX RULES 2026 Admission of directors to a fund.

304. A director of a company, as defined in section 2(20) of the Companies Act, 2013 (18 of 2013), may only receive benefits from the fund, if he is a whole-time bona fide employee of the company and does not beneficially own shares in the company carrying more than 5% of the total voting power.