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Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.
It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. 'Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax?' Jaitley had asked in his Budget speech.
  • a)
    Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.
  • b)
    There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.
  • c)
    Hypothetically, how much can inheritance tax fetch today?
  • d)
    Flight of capital overseas, change of tax residence, gifting of assets during one's lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.
  • e)
    Inheritance tax existed in India for 30-odd years before it was abolished in 1985.
Correct answer is option 'E'. Can you explain this answer?
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Directions: In the following passage, the opening statement has been d...
The passage is about a legislation which was not effective and resulted in low yield. The words 'on similar grounds ... was abolished' indicate that this legislation was also abolished. So, we need an option which mentions a legislation and its abolishment. This is found only in option E.
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Read the passage carefully and answer the questions that follow:Socialism stands for an organization of society, and more especially for an economic organization, radically opposed to, and differing from, the organization which prevails to-day. Capitalism in its present form is a comparatively modern phenomenon, owing its origin historically to the dissolution of the feudal system. The immediate causes of its accelerated development were the rapid invention of new kinds of machinery, and more especially that of steam as a motor power, which together inaugurated a revolution in the methods of production generally. Production on a small scale gave way to production on a large scale. The independent weavers, for example, each with his own loom, were wholly unable to compete with the mechanisms of the new factory; their looms, by being superseded, were virtually taken away from them; and these men, formerly their own masters, working with their own implements, and living by the sale of their own individual products, were compelled to pass under the sway of a novel class, the capitalists. Such was the rise of the capitalistic system; and when once it had been adequately organized, as it first was, in England, it proceeded to spread itself with astonishing rapidity, all other methods disappearing before it, through their own comparative inefficiency.When socialists turn from capitalism to socialism, and speak of how socialism has risen and spread likewise, their language, as thus applied, has no meaning whatever unless it is interpreted in a totally new sense. Capitalism rose and spread as an actual working system, which multiplied and improved the material appliances of life in a manner beyond the reach of the older system displaced by it. Socialism, on the other hand, has risen and spread thus far, not as a system which is threatening to supersede capitalism by its actual success as an alternative system of production, but merely as a theory or belief that such an alternative is possible. Socialism has produced resolutions at endless public meetings; it has produced discontent and strikes; it has hampered production constantly. But socialism has never inaugurated an improved chemical process; it has never bridged an estuary or built an ocean liner; it has never produced or cheapened so much as a lamp or a frying-pan. It is a theory that such things could be accomplished by the practical application of its principles; but it is thus far a theory only, and it is as a theory only that we can examine it.Q.Which of the following statements, if true, would strengthen the authors main argument?A. There were a few attempts at operationalizing the tenets of socialism that were largely unsuccessfulB. Chicago, the birthplace of modern Socialism, has not a single example where the process of production was improved by the Socialistic principlesC. Independent weavers, who lost their small scale businesses, reorganized as a union to take back the control of the weaving industry from the capitalists

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Read the passage carefully and answer the following questions:Why would 12 of the richest men in football, executives paid for their supposed prowess in managing global brand names such as Barcelona and Manchester United, screw up so badly? Why did they think the players, the fans, Uefa, Fifa and the national governments of Europe would let them walk away with a £4bn cartel, leaving the eviscerated corpse of ordinary football on the dressing room floor? As the European Super League plan lies in ruins, the answer is clear: capital. There’s too much of it chasing too little real economic value in the world.Capitalism is confined within the oxygen tent of central bank money. The more central banks print money, the cheaper it is to borrow. And yet the real economy, its dynamism flattened after the 2008 crash and its capacity scarred by the Covid-19 pandemic, remains sluggish. So the free money created by governments - and yes, central banks are ultimately part of the state - can only flow upwards. A glance at the leaked details of the Super League proposal should provide a teachable moment about financialised monopoly capitalism. The aim was to create a cartel of clubs that would generate £4bn a year - double the revenue of the current European Champions League. Closing entry to the league was only half of the plan. The other half was to operate a US-style spending and salary cap, effectively forcing individual clubs and players into a semi-feudal relationship with the Super League itself. They would operate the same “capitalist communism” as the National Football League in the US - sharing the revenue more evenly than in a truly competitive competition.The Super League used the Spanish courts - some of the most politicised and questionable in the developed world - to prevent Fifa and Uefa from blocking the move. But when the British political elite united in condemnation of the scheme - with Boris Johnson threatening to drop a “legislative bomb” - that was decisive. English football was at the epicentre of the Super League scheme because it is the most financialised, with major clubs already grabbed by asset strippers and riddled with the dodgy money of foreign magnates. It is the league in which fans have least control, but where players have gamed the system to achieve a high degree of autonomy, and political salience.The “super league” idea has been around for more than 20 years. It will stay around because the US sports cartel model works. There is no international basketball, baseball or gridiron football for a reason: these are American-owned cartel sports, staged as a circus for global entertainment. They work because they embody the essential principles of monopoly capitalism: the cartel is more powerful than the companies within it; the companies more powerful than the employees (the players); and the consumers have no choice. The point about cartels, however, is that they kill capitalism, innovation, and choice. What we really need is public ownership, regulation, and control of the national football infrastructure.Q.Which of the following statements can be inferred from the passage?

Read the passage carefully and answer the questions that follow:Socialism stands for an organization of society, and more especially for an economic organization, radically opposed to, and differing from, the organization which prevails to-day. Capitalism in its present form is a comparatively modern phenomenon, owing its origin historically to the dissolution of the feudal system. The immediate causes of its accelerated development were the rapid invention of new kinds of machinery, and more especially that of steam as a motor power, which together inaugurated a revolution in the methods of production generally. Production on a small scale gave way to production on a large scale. The independent weavers, for example, each with his own loom, were wholly unable to compete with the mechanisms of the new factory; their looms, by being superseded, were virtually taken away from them; and these men, formerly their own masters, working with their own implements, and living by the sale of their own individual products, were compelled to pass under the sway of a novel class, the capitalists. Such was the rise of the capitalistic system; and when once it had been adequately organized, as it first was, in England, it proceeded to spread itself with astonishing rapidity, all other methods disappearing before it, through their own comparative inefficiency.When socialists turn from capitalism to socialism, and speak of how socialism has risen and spread likewise, their language, as thus applied, has no meaning whatever unless it is interpreted in a totally new sense. Capitalism rose and spread as an actual working system, which multiplied and improved the material appliances of life in a manner beyond the reach of the older system displaced by it. Socialism, on the other hand, has risen and spread thus far, not as a system which is threatening to supersede capitalism by its actual success as an alternative system of production, but merely as a theory or belief that such an alternative is possible. Socialism has produced resolutions at endless public meetings; it has produced discontent and strikes; it has hampered production constantly. But socialism has never inaugurated an improved chemical process; it has never bridged an estuary or built an ocean liner; it has never produced or cheapened so much as a lamp or a frying-pan. It is a theory that such things could be accomplished by the practical application of its principles; but it is thus far a theory only, and it is as a theory only that we can examine it.Q.Which of the following statements is the author most likely to agree with?

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Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer?
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Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer?.
Solutions for Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.
Here you can find the meaning of Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer?, a detailed solution for Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer? has been provided alongside types of Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Directions: In the following passage, the opening statement has been deleted. From among the statements given below, choose the statement that should precede the passage.It was a complex legislation, with different valuation norms and a rate as high as 85%, all of which resulted in endless litigation. Collections were also poor, fetching a mere Rs 20 crore (0.4% of total direct tax collections) in FY 1984-85. On similar grounds, wealth tax was abolished by Jaitley from fiscal 2015-16. Should a tax, which leads to a high cost of collection and a low yield, be continued or should it be replaced with a low cost and higher yield tax? Jaitley had asked in his Budget speech.a)Proposals for a higher levy or a new tax on the rich is a vote-winner for any government, denting any image of pandering to crony capitalists.b)There are meritocratic arguments in taxing inherent wealth, and a one-time levy makes compliance easier.c)Hypothetically, how much can inheritance tax fetch today?d)Flight of capital overseas, change of tax residence, gifting of assets during ones lifetime, and family trusts are measures that can mitigate the burden of inheritance tax.e)Inheritance tax existed in India for 30-odd years before it was abolished in 1985.Correct answer is option 'E'. Can you explain this answer? tests, examples and also practice CAT tests.
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