Hello Aspirants.
Welcome to Online English Section with explanation inAffairsCloud.com. Here we are creating question sample in Paragraph completion, which is BASED ON NEW PATTERN IN IBPS PO/CLERK/RRB EXAM and other competitive exams.
- Globalisation is the reality of the world we inhabit. It manifests in the challenges the world faces, be it terrorism, cyber security, the wellbeing of the financial system, refugees and migration, or climate change,______________.
1) history shows that multilateralism is the best safeguard against unilateralism, tyranny of power
2) Developing countries like India have a great stake in defending multilateralism and mobilising opinion against its powerful traducers
3) and the rising tide of hyper-nationalist isolationist tendencies do pose challenges to the multilateral order that has underpinned international relations
4) The sheer interdependence and interconnectedness precludes the possibility of a nation working alone to build a safer and better world
5) as well as in the opportunities that have allowed much of Asia to prosperAnswer – 5)
Explanation : as well as in the opportunities that have allowed much of Asia to prosper - The government has come out with an ordinance to extinguish the old Rs 500 and Rs 1,000 notes and to penalise______________after the deadline of March 31 for their surrender at RBI branches.
1) Extinguishing demonetised notes is perfectly understandable
2) That is the only way to legally remove the RBI’s liability to honour the notes in question
3) possession of more than a handful of these notes
4) from where the government can be paid extra dividends
5) But why penalise possession of old notes?Answer – 3)
Explanation : possession of more than a handful of these notes - It suggests ignorance of numismatic practices. Collectors of currency notes have at least two notes of each kind,______________. Notes differ not just by denomination.
1) note of the self-same denomination can have multiple variants, differing in size, colour, design
2) signature of the RBI governor of the time, inset alphabet, curious numbers and errors
3) A casual collector might have say, 20 notes each of Rs 500 and Rs 1,000 notes
4) one to display the obverse and the other to display the reverse
5) the government wants to punish them for their collector’s passionAnswer – 4)
Explanation : one to display the obverse and the other to display the reverse - Once demonetised,_______________, nor can they be used for transactions. But they can serve as units of account in say, a game of Monopoly. Why not let something that has been rendered a plaything serve as a plaything?
1) these notes no longer store value
2) This is patently absurd and calls for at least one more of the U-turns at which the government and the RBI have become adept
3) If the aim were to penalise someone for having hidden income from the government in the past, the law already provides for it but the penalty has to be linked to the extent of concealment
4) Penalising possession of old notes is like penalising possession of floppy discs,
5) the government has better things to do than to harry collectors of quaint thingsAnswer – 1)
Explanation : these notes no longer store value - Company promoters who get the bulk of their income as dividends pay a lower proportion of their income as tax as compared_______________taxable at the highest marginal rate.
1) Taxing dividends in the hands of the shareholder would both be fairer and more revenue-efficient than the current arrangement
2) This is not an equitable way of taxing people
3) The government has to make the processing of claims and refunds fast and efficient, that is all
4) The dividend distribution tax should be scrapped.
5) to employees who receive the bulk of their income as salariesAnswer – 5)
Explanation : to employees who receive the bulk of their income as salaries - Indexation benefits, meant mainly to compute capital gains, are fine. Simply put, there would be no tax on the gains,_______________.
1) Such a method of taxation would not penalise portfolio churning across assets, essential for intelligent savings
2) say, from the sale of a house if the money is reinvested in shares and vice versa
3) after indexation in the case of non-financial assets, which does not get redeployed in new assets
4) That basis is to treat as current income liable to bear tax at the rate appropriate for the relevant income bracket that part of any capital gain
5) The basic principle — to spare the saving asset from tax and charge a tax only on the income from the asset — is perfect and will make savings efficientAnswer – 2)
Explanation : say, from the sale of a house if the money is reinvested in shares and vice versa - The government should adopt the so-called exempt-exempt-tax system wherein all savings will be exempt from taxation at the time of contribution and accumulation,_____________.
1) and taxed at maturity, if not ploughed into another asset
2) the income-tax law allows investors who make capital gains to invest in NHAI and REC bonds
3) The entire gain is exempt if the equivalent amount is invested in these bonds, subject to an upper limit of .`50 lakh every financial year
4) This principle is sound. The EET method is beneficial to investors, given that it does away with artificial distortions
5) and raises efficiency and equity in the tax system. It would also help the government garner more revenuesAnswer – 1)
Explanation : and taxed at maturity, if not ploughed into another asset. - Private enterprises that fail to implement the reservation provision will forfeit all concessions under the state’s industrial policy.______________When it comes to hiring decisions, the key consideration is getting the best-qualified person.
1) Rather than take real steps to improve employability and employment options, the state’s Congress government is taking the easy way out: blame the outsider as the source of the problem
2) All companies prefer to hire locally, and if they are not, it is likely because of a skills gap
3) Rather than issue a fiat, the government needs to consider ways to improve the employability and the employment opportunity of the local populace
4) The 100 per cent reservation policy will only succeed in driving out companies, resulting in a further reduction in job opportunities
5) The aim is to boost blue-collar employment among sons of the soilAnswer – 5)
Explanation : The aim is to boost blue-collar employment among sons of the soil - Tax collections by the Centre and the states combined stand at something like 16.5 per cent of GDP. Even if this were to double,_____________, Organisation for Economic Cooperation and Development.
1) the bulk should come from direct taxes, rather than from indirect taxes that impinge on the rich and the poor alike
2) If GST is implemented properly, indirect taxes should offer up a bounty
3) it would still be below the average for the rich country club
4) even with further lowering of import duties, and also generate a broader database for direct taxes
5) Without doubt, a large direct tax kitty is a function of generalised prosperityAnswer – 3)
Explanation : it would still be below the average for the rich country club - When people are well-off enough to pay taxes on their income, ______________. Equally, when tax rates and administration become less painful, tax collections would go up.
1) what will encourage long-term tax compliance is intelligent and systematic mining of data to identify tax evaders
2) One simple way of incentivising tax compliance is to ensure that the cost of compliance and the cost of non-compliance are roughly the same.
3) The cost of compliance can be lowered by lowering tax rates and simplifying administration
4) direct tax collections would swell
5) The cost of compliance can be lowered by lowering tax rates and simplifying administrationAnswer – 4)
Explanation : direct tax collections would swell
AffairsCloud Recommends Oliveboard Mock Test
AffairsCloud Ebook - Support Us to Grow
Govt Jobs by Category
Bank Jobs Notification
