Tax relief on health check-up

New Delhi, June 19: The government has said that employees will no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups. The Central Board of Direct Taxes has issued a notification, according to which no income tax will be levied “to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children” if money is drawn from the welfare fund to meet the expenses.

Cell switch

New Delhi, June 19: As many as 11 million mobile subscribers have opted for changing their operators in the last eight months, with CDMA operators witnessing the maximum users shifting to the GSM platform.

Tata group

New Delhi, June 19: The Tata group has overtaken the combined market wealth of the two Ambani groups put together. A host of Tata group firms have grown stronger in terms of stock market valuation at a time the share prices of both the Reliance groups have been tumbling.

Dumping woe

New Delhi, June 19: The government is likely to probe alleged dumping of bicycle parts into the country from China, following a representation from the industry, an official said.

MF norms

New Delhi, June 19: India is likely to allow foreign individuals to invest in mutual funds in the next two weeks but with a cumulative cap of $10 billion, an official said today. The detailed guidelines are being worked out by the finance ministry, the RBI and Sebi.