Everything From A Single Para English Aptitude Test- The Mint 21/09/2019

The Mint

Everything From A Single Para English Aptitude Test- The Mint 21/09/2019

These Questions Completely based on Single “The Mint Editorial”. The purpose to start this is to make you read the same paragraph again and again to understand the different types of questions like comprehension, cloze test, sentence arrangement, sentence improvement, vocab, antonyms, synonyms, fillers (all based on single paragraph) etc. Reading this paragraph while practicing these questions will help you understand the meaning of the paragraph and also it will give you a deep insight about how they framed the paragraph and how to attempt questions properly. 

The Mint Editorial : 21 September 2019

Title: FM’s move a boost for India’s tax competitiveness

In one stroke, India undertook possibly the most radical tax cuts in its history. While corporate tax rates in the low 20s are increasingly becoming the norm globally, a nearly 10% percentage point cut in the rate for Indian companies is revolutionary. The peak corporate tax rate was cut from 30% to 22%. Effectively, this means a reduction from the present peak rate of 34.94% to 25.17%. To provide a fillip to domestic manufacturing, a bigger cut for newly set-up manufacturing companies was also announced, with their tax rate going down to 17.01%.
Despite the cuts costing an estimated ₹145,000 crore, the government seems to be banking on the market belief that lower tax rates will boost growth, investments and employment, and ultimately lead to improved revenues. At a micro level, there are several interesting points worth noting.
It is apparent that after years of trying to eliminate tax incentives, the government has now attempted to simply sidestep them by making the lower tax rate conditional upon not availing any exemptions/incentives.
However, keeping in line with the need to boost employment generation, incentives for hiring new employees will continue to be available. Companies, which avail of SEZ benefits, R&D incentives or accelerated depreciation, will now need to make a choice between staying in the existing regime, or transitioning to the new reduced rate. The option of availing a reduced corporate tax rate needs to be exercised on or before the due date of furnishing the income tax return and, the option once exercised, cannot be subsequently withdrawn for the same or any other year.
Elimination of minimum alternate tax (MAT) for companies opting for this reduced rate regime, as well as the overall reduction in the MAT rate from 18.5% to 15%, is also a very positive step. With significant changes in accounting standards in recent years, and the phase-out of most exemptions, a rethinking of the MAT framework was overdue.
This move will now limit the applicability of MAT only to those companies which continue to claim tax incentives, and that too at a lower rate of 15%. This, however, raises a question as to whether companies that opt for the reduced tax rate (and are thus out of the MAT framework) will be able to utilize their existing MAT credits going forward.
Interestingly, no cuts were proposed for foreign companies, which continue to be taxed at 43.68%. For foreign companies operating through branches in India, this cut may make operating through local subsidiaries more attractive. Similarly, no rate changes are proposed for LLPs and partnerships, but unlike companies, these entities are not liable to additional taxes on distributions. The exclusion of the buyback tax on listed companies, which had made public announcements for buybacks before 5 July 2019, is also a good move, albeit a bit delayed considering that a few companies have withdrawn their buyback schemes after that date.
With the announcement of these measures, a much-required intervention has been made by the finance minister for boosting economic activity and employment in India. It’s now over to India Inc. to wisely utilize the extra cash flow generated through this tax savings bonanza, to make more productive investments and grow sustainably.
Directions (1-3) Choose the similar meaning
Q1. Apparent
a)juncture
b)manifest
c)gist
d)crater
e)chasm

Q2. Availing
a)convention
b)caucus
c)assist
d)gathered
e)don

Q3. Bonanza
a)fugitive
b)mess up
c)suffer
d)windfall
e)torment

Directions: (4-5) choose the opposite meaning
Q4. Intervention
a)proceeded
b)discomposure
c)equanimity
d)agitation
e)passivity

Q5. Norm
a)soothe
b)ingress
c)alleviate
d)exception
e)verify

Direction (6-7): Which of the following phrases given below each sentence should replace the phrase printed in bold letters to make the sentence meaningfully correct. Choose the best option among the five given alternatives that reflect the correct use of phrase in the context of the grammatically correct sentence.
Q6. Which avail of SEZ benefits, R&D incentives or accelerated depreciation, will now need to make a choice between staying in the existing regime
a)Which avail of
b)Which avail
c)Which avail for
d)Which availed
e)Which avail from

Q7. Although, keeping in line with the need to boost employment generation, incentives for hiring new employees will continue to be available.
a)Although
b)However
c)In spite of
d)Despite
e)Only if

Directions (8-10): In the passage given below there are blanks which are numbered from 8 to 10. They are to be filled with the options given below the passage against each of the respective numbers. Find out the appropriate word in each case which can most suitably complete the sentence without altering its meaning.
……………8…….. of minimum alternate tax (MAT) for companies ………..9…….. for this reduced rate regime, as well as the overall reduction in the MAT rate from 18.5% to 15%, is also a very positive step. With significant changes in accounting standards in recent years, and the phase-out of most………..10……., a rethinking of the MAT framework was overdue.
Q8.
a)puzzle
b)confound
c)Elimination
d)mental
e)anguish

Q9.
a)joy
b)twist
c)wrench
d)pries
e)opting

Q10.
a)inferior
b)exemptions
c)surge
d)slump
e)tussle

Directions (11-12): Read each of the following sentences to find out if there is any grammatical error in it. The error, if any, will be in one part of the sentence. The number (A, B, C or d) of this part is your answer. If there is no error in the statement, then mark option (e) as your answer choice.
Q11. To provide a fillip to domestic(a)/ manufacturing, a biggest cut for newly(b)/ set manufacturing companies was also announced(c) with their tax rate going down to 17.01%(d)/(e)
a) a
b) b
c) c
d) d
e) e

Q12. For foreign companies operating(a)/ through branches in India(b)/ this cut may make operating through(c)/ local subsidiaries more attractive(d)/(e)/
a) a
b) b
c) c
d) d
e) e

Directions (13-15): Rearrange the following sentences (a), (b), (c), (d), and (e) in the proper sequence to form a meaningful paragraph and then answer the questions given below.
a) To provide a fillip to domestic manufacturing, a bigger cut for newly set-up manufacturing companies was also announced, with their tax rate going down to 17.01%.
b) The peak corporate tax rate was cut from 30% to 22%.
c) Effectively, this means a reduction from the present peak rate of 34.94% to 25.17%.
d) In one stroke, India undertook possibly the most radical tax cuts in its history.
e) While corporate tax rates in the low 20s are increasingly becoming the norm globally, a nearly 10% percentage point cut in the rate for Indian companies is revolutionary.
Q13. Which is the Second step after rearrangement?
a) a
b) b
c) c
d) d
e) e

Q14. Which is the Third step after rearrangement?
a) a
b) b
c) c
d) d
e) e

Q15. Which is the Fourth step after rearrangement?
a) a
b) b
c) c
d) d
e) e

Directions (16-17): In each of the following sentences, there is a blank space. Below each such sentence, there are four options with one word each. Fill up the blank with the word that makes the sentence grammatically and contextually correct.
Q16. The ………….. of the buyback tax on listed companies, which had made public announcements for buybacks before 5 July 2019, is also a good move
a)upturn
b)prolong
c)skirmish
d)employ
e)exclusion

Q17. It’s now over to India Inc. to wisely …………… the extra cash flow generated through this tax savings bonanza, to make more productive investments and grow sustainably.
a)crisp
b)assemble
c)utilize
d)diet
e)ploy

Directions (18-20): Answer the questions given below based on the passage.
Q18. According to passage why government lower tax rates?
a)it will boost growth
b)boost investment
c)increase employment
d)improved revenues
e)all of above

Q19. According to passage what rate percentage cut is revolutionary for Indian companies?
a)25.17%
b)34.94%
c)10%
d)30%
e)17.01%

Q20. Which of the following statements is/are true in context of the passage above?
(I) The peak corporate tax rate was cut from 30% to 22%.
(II) the overall reduction in the MAT rate from 18.5% to 15%
(III) huge cuts were proposed for foreign companies, which continue to be taxed at 43.68%.
a)Only (III)
b)Both (I) and (II)
c)Both (II) and (III)
d)All are correct
e)Only (II)

Answers With Explanation

Ans.1, b it means clearly visible or understood; obvious.
Ans.2, c it means use or take advantage of (an opportunity or available resource).
Ans.3, d it means a situation which creates a sudden increase in wealth, good fortune, or profits.
Ans.4, e Intervention means interference by a state in another’s affairs. Passivity means acceptance of what happens, without active response or resistance.
Ans.5, d Norm means something that is usual, typical, or standard. Exception means a person or thing that is excluded from a general statement or does not follow a rule.
Ans.6, a, Avail has three meanings:
(1) to make use of;
(2) to be of use;
(3) benefit or advantage.
In the first sense, avail is always a reflexive verb, followed by a reflexive pronoun such as myself, oneself, or herself, with the pronoun referring to the person or thing performing the action
Residents visiting the library could avail themselves of the park district’s facilities and programs. [Chicago Sun-Times]

Cooper’s is not technically a defamation suit, although it does avail itself of some of the language used in such suits. [Salon.com]
Think of avail as a synonym of help. In the first example above, residents help themselves. In the second, it helps itself. However, unlike help, the reflexive avail always takes the preposition of.
Ans.7, b The main difference between these two words is that however can stand by itself at the beginning of a sentence, with a comma after it. Although can’t do this.
The words also have slightly different meanings:
Although means “in spite of the fact that…”.
However means “but”.
Ans.8, c it means the complete removal or destruction of something.
Ans.9, e it means make a choice from a range of possibilities.
Ans.10, a it means the action of freeing or state of being free from an obligation or liability imposed on others.
Ans.11, b use bigger in place of biggest. Bigger is comparative degree & Biggest is Superlative degree.
Comparative adjectives compare one person or thing with another and enable us to say whether a person or thing has more or less of a particular quality:

Josh is taller than his sister.
Superlative adjectives describe one person or thing as having more of a quality than all other people or things in a group:

The ‘Silver Arrow’ will be the fastest train in the world when it is built.
Ans.12, e no error.
Ans.13, e is correct. Because the correct sequence is DEBCA.
Ans.14, b is correct.
Ans.15, c is correct.
Ans.16, e it means the process of excluding or the state of being excluded.
Ans.17, c it means make practical and effective use of.
Ans.18, e according to passage e is correct.
Ans.19, c according to passage c is correct.
Ans.20, b according to passage b is correct.

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