Directions: Read the following passage and answer the questions as directed.

Start-ups troubled by the so-called angel tax may soon receive some (A)______from the government. On Monday, the Centre set up a five-member working committee to look into revising the (B)norms of the angel tax imposed on start-ups. The tax, which was first introduced in 2012 to curb money-laundering through the (i) at bloated prices, has caused a lot of anguish among start-up investors in the country. Start-up owners have complained that income tax officials have asked many start-ups to cough up money when they try to attract capital into their entities by issuing new shares. For its part, the IT department fears that start-ups may be used as convenient tools to launder illegally acquired money, so a tax on investments beyond a certain threshold is (ii). (C) But while the (1) unintended of such an angel tax may be (2) benefits, the arbitrary nature of it means the cost of (3) intent consequences could be larger than the supposed (4) justifiable. In trying to curb money-laundering, Section 56(2)(viib) of the Indian Income Tax Act, 1961 gives income tax officials a free hand to harass even genuine start-ups looking to raise investments for their growth. Under the Act, the IT department is free to arbitrarily decide the fair value of a company’s share and tax start-ups if the price at which their new shares are sold to investors is higher than the fair value of these shares. The broad-brush tax on all investments means an unnecessary cost is (iii)community simply because of the lack of better means at the government’s disposal to tackle black money.

The committee set up by the government will, among other things, consider raising the threshold beyond which new investments into start-ups will be taxed. It is expected that start-ups with aggregate paid-up share capital and share premium of less than ₹25 crore, against the previous threshold of only ₹10 crore, will not be taxed while attracting new investment. This would definitely make life easier to a certain extent for angel investors and start-ups. But it will not address the real problem with the angel tax, which has to do with the unbridled power that it vests in the hands of the income tax authorities. Investors, foreign or domestic, may become wary of investing in new ideas when they are taxed while risking money on untested ventures. So the government should look to withdraw the angel tax and focus instead on building the capability to better identify and rein in illegal wealth. Otherwise it risks killing the nascent start-up ecosystem in the country.

As per the information given in the passage, out of the following options which option does best explain the term “angel investor”?

Directions: Read the following passage and answer the questions as directed.

Start-ups troubled by the so-called angel tax may soon receive some (A)______from the government. On Monday, the Centre set up a five-member working committee to look into revising the (B)norms of the angel tax imposed on start-ups. The tax, which was first introduced in 2012 to curb money-laundering through the (i) at bloated prices, has caused a lot of anguish among start-up investors in the country. Start-up owners have complained that income tax officials have asked many start-ups to cough up money when they try to attract capital into their entities by issuing new shares. For its part, the IT department fears that start-ups may be used as convenient tools to launder illegally acquired money, so a tax on investments beyond a certain threshold is (ii). (C) But while the (1) unintended of such an angel tax may be (2) benefits, the arbitrary nature of it means the cost of (3) intent consequences could be larger than the supposed (4) justifiable. In trying to curb money-laundering, Section 56(2)(viib) of the Indian Income Tax Act, 1961 gives income tax officials a free hand to harass even genuine start-ups looking to raise investments for their growth. Under the Act, the IT department is free to arbitrarily decide the fair value of a company’s share and tax start-ups if the price at which their new shares are sold to investors is higher than the fair value of these shares. The broad-brush tax on all investments means an unnecessary cost is (iii)community simply because of the lack of better means at the government’s disposal to tackle black money.

The committee set up by the government will, among other things, consider raising the threshold beyond which new investments into start-ups will be taxed. It is expected that start-ups with aggregate paid-up share capital and share premium of less than ₹25 crore, against the previous threshold of only ₹10 crore, will not be taxed while attracting new investment. This would definitely make life easier to a certain extent for angel investors and start-ups. But it will not address the real problem with the angel tax, which has to do with the unbridled power that it vests in the hands of the income tax authorities. Investors, foreign or domestic, may become wary of investing in new ideas when they are taxed while risking money on untested ventures. So the government should look to withdraw the angel tax and focus instead on building the capability to better identify and rein in illegal wealth. Otherwise it risks killing the nascent start-up ecosystem in the country.

The sentence given in C has four words given in bold. Amongst given bolded words, which of the followings must replace each other to make the sentence contextually correct and meaningful.

Directions: Read the following passage and answer the questions as directed.

Start-ups troubled by the so-called angel tax may soon receive some (A)______from the government. On Monday, the Centre set up a five-member working committee to look into revising the (B)norms of the angel tax imposed on start-ups. The tax, which was first introduced in 2012 to curb money-laundering through the (i) at bloated prices, has caused a lot of anguish among start-up investors in the country. Start-up owners have complained that income tax officials have asked many start-ups to cough up money when they try to attract capital into their entities by issuing new shares. For its part, the IT department fears that start-ups may be used as convenient tools to launder illegally acquired money, so a tax on investments beyond a certain threshold is (ii). (C) But while the (1) unintended of such an angel tax may be (2) benefits, the arbitrary nature of it means the cost of (3) intent consequences could be larger than the supposed (4) justifiable. In trying to curb money-laundering, Section 56(2)(viib) of the Indian Income Tax Act, 1961 gives income tax officials a free hand to harass even genuine start-ups looking to raise investments for their growth. Under the Act, the IT department is free to arbitrarily decide the fair value of a company’s share and tax start-ups if the price at which their new shares are sold to investors is higher than the fair value of these shares. The broad-brush tax on all investments means an unnecessary cost is (iii)community simply because of the lack of better means at the government’s disposal to tackle black money.

The committee set up by the government will, among other things, consider raising the threshold beyond which new investments into start-ups will be taxed. It is expected that start-ups with aggregate paid-up share capital and share premium of less than ₹25 crore, against the previous threshold of only ₹10 crore, will not be taxed while attracting new investment. This would definitely make life easier to a certain extent for angel investors and start-ups. But it will not address the real problem with the angel tax, which has to do with the unbridled power that it vests in the hands of the income tax authorities. Investors, foreign or domestic, may become wary of investing in new ideas when they are taxed while risking money on untested ventures. So the government should look to withdraw the angel tax and focus instead on building the capability to better identify and rein in illegal wealth. Otherwise it risks killing the nascent start-up ecosystem in the country.

In the question below three phrases are given which must be filled in the positions given in i, ii and iii in the passage. From the options given below, choose the correct order of phrases that should be filled in the positions given.
A. necessary to deter such shady operations
B. sale of shares of private unlisted companies
C. imposed on the wider start-up

Directions: Read the following passage and answer the questions as directed.

Start-ups troubled by the so-called angel tax may soon receive some (A)______from the government. On Monday, the Centre set up a five-member working committee to look into revising the (B)norms of the angel tax imposed on start-ups. The tax, which was first introduced in 2012 to curb money-laundering through the (i) at bloated prices, has caused a lot of anguish among start-up investors in the country. Start-up owners have complained that income tax officials have asked many start-ups to cough up money when they try to attract capital into their entities by issuing new shares. For its part, the IT department fears that start-ups may be used as convenient tools to launder illegally acquired money, so a tax on investments beyond a certain threshold is (ii). (C) But while the (1) unintended of such an angel tax may be (2) benefits, the arbitrary nature of it means the cost of (3) intent consequences could be larger than the supposed (4) justifiable. In trying to curb money-laundering, Section 56(2)(viib) of the Indian Income Tax Act, 1961 gives income tax officials a free hand to harass even genuine start-ups looking to raise investments for their growth. Under the Act, the IT department is free to arbitrarily decide the fair value of a company’s share and tax start-ups if the price at which their new shares are sold to investors is higher than the fair value of these shares. The broad-brush tax on all investments means an unnecessary cost is (iii)community simply because of the lack of better means at the government’s disposal to tackle black money.

The committee set up by the government will, among other things, consider raising the threshold beyond which new investments into start-ups will be taxed. It is expected that start-ups with aggregate paid-up share capital and share premium of less than ₹25 crore, against the previous threshold of only ₹10 crore, will not be taxed while attracting new investment. This would definitely make life easier to a certain extent for angel investors and start-ups. But it will not address the real problem with the angel tax, which has to do with the unbridled power that it vests in the hands of the income tax authorities. Investors, foreign or domestic, may become wary of investing in new ideas when they are taxed while risking money on untested ventures. So the government should look to withdraw the angel tax and focus instead on building the capability to better identify and rein in illegal wealth. Otherwise it risks killing the nascent start-up ecosystem in the country.

Which of the following words can replace the word given in bold in (B) without changing the meaning of the sentence? 

Directions: Read the following passage and answer the questions as directed.

Start-ups troubled by the so-called angel tax may soon receive some (A)______from the government. On Monday, the Centre set up a five-member working committee to look into revising the (B)norms of the angel tax imposed on start-ups. The tax, which was first introduced in 2012 to curb money-laundering through the (i) at bloated prices, has caused a lot of anguish among start-up investors in the country. Start-up owners have complained that income tax officials have asked many start-ups to cough up money when they try to attract capital into their entities by issuing new shares. For its part, the IT department fears that start-ups may be used as convenient tools to launder illegally acquired money, so a tax on investments beyond a certain threshold is (ii). (C) But while the (1) unintended of such an angel tax may be (2) benefits, the arbitrary nature of it means the cost of (3) intent consequences could be larger than the supposed (4) justifiable. In trying to curb money-laundering, Section 56(2)(viib) of the Indian Income Tax Act, 1961 gives income tax officials a free hand to harass even genuine start-ups looking to raise investments for their growth. Under the Act, the IT department is free to arbitrarily decide the fair value of a company’s share and tax start-ups if the price at which their new shares are sold to investors is higher than the fair value of these shares. The broad-brush tax on all investments means an unnecessary cost is (iii)community simply because of the lack of better means at the government’s disposal to tackle black money.

The committee set up by the government will, among other things, consider raising the threshold beyond which new investments into start-ups will be taxed. It is expected that start-ups with aggregate paid-up share capital and share premium of less than ₹25 crore, against the previous threshold of only ₹10 crore, will not be taxed while attracting new investment. This would definitely make life easier to a certain extent for angel investors and start-ups. But it will not address the real problem with the angel tax, which has to do with the unbridled power that it vests in the hands of the income tax authorities. Investors, foreign or domestic, may become wary of investing in new ideas when they are taxed while risking money on untested ventures. So the government should look to withdraw the angel tax and focus instead on building the capability to better identify and rein in illegal wealth. Otherwise it risks killing the nascent start-up ecosystem in the country.

Which of the following words should fill in the blank in (A) to make a contextually correct and meaningful sentence? 

Directions: Read the following passage and answer the questions as directed.

We expect individuals (I) to take charge of their lives, to assume responsibility for their decisions. But when individuals group together, a problem arises. Groups can’t take charge of themselves, nor can every member simultaneously take charge of the entire group. Someone from the group is invariably asked to show the way, to become the primary agent, to lead. Yet, not everyone who occupies high office is a leader. A person who merely (II) or has management skills is not a leader. Moreover, not everyone who assumes the role of a leader is able to play it well. What qualities then make for a leader? Which (A)virtues are required to provide ethical leadership? I suppose there is little new (III). But let me still give it a shot in the hope that it serves as a good reminder. And in the election year, why not focus on qualities necessary for political leadership?

If a person is chosen to lead the group, it is her responsibility to take care of the interest of each person of the entire group. This often (B)____ putting collective interest before her own interest or that of her

preferred group. For this to happen, she must first be able to identify the common good, to have a grasp of what is acceptable to all, to have an inclusive vision. This requires an infinite capacity to listen to others, to learn from them, to have the intellectual ability to critically examine and evaluate what everyone wants and needs, and then put them all together. Since this intellectual formulation can only be the first step, an estimate of the real quality of a decision is not known until it is implemented; ______(C) _______.
 This requires him to keep his ear to the ground, listen patiently to criticism to judge if his policies are working. He must not be defensive when criticised, or evade uncomfortable questions, but face criticism head on and be able to sift the wheat from the chaff. It also necessitates that a leader show flexibility and an ability for course correction by admitting mistakes. He should know that one’s stature is not diminished by accepting fallibility. A leader must be a good communicator, and that is greatly helped if he has a way with words. But all the rhetorical flourish is of no avail if the speech lacks sincerity and conviction. Finally, a good leader knows that nothing can be achieved without the collective expertise and wisdom of a support team.
 It is equally tempting to pick those one has taken a fancy to, who are personally loyal. But such people often lack spine. (D)Fearful people with poor ability can never offer good advice to their leader and could allow bad decisions to prevail that push the country down a ruinous path. Besides, they are often among the first to backstab the leader once out of power. Thus, personal likes and dislikes too must be set aside.

In the passage given, a sentence D is given in Italics. There may or may not be an error in one part of the sentence. Choose the part which has an error in it as your answer.

Directions: Read the following passage and answer the questions as directed.

We expect individuals (I) to take charge of their lives, to assume responsibility for their decisions. But when individuals group together, a problem arises. Groups can’t take charge of themselves, nor can every member simultaneously take charge of the entire group. Someone from the group is invariably asked to show the way, to become the primary agent, to lead. Yet, not everyone who occupies high office is a leader. A person who merely (II) or has management skills is not a leader. Moreover, not everyone who assumes the role of a leader is able to play it well. What qualities then make for a leader? Which (A)virtues are required to provide ethical leadership? I suppose there is little new (III). But let me still give it a shot in the hope that it serves as a good reminder. And in the election year, why not focus on qualities necessary for political leadership?

If a person is chosen to lead the group, it is her responsibility to take care of the interest of each person of the entire group. This often (B)____ putting collective interest before her own interest or that of her

preferred group. For this to happen, she must first be able to identify the common good, to have a grasp of what is acceptable to all, to have an inclusive vision. This requires an infinite capacity to listen to others, to learn from them, to have the intellectual ability to critically examine and evaluate what everyone wants and needs, and then put them all together. Since this intellectual formulation can only be the first step, an estimate of the real quality of a decision is not known until it is implemented; ______(C) _______.
 This requires him to keep his ear to the ground, listen patiently to criticism to judge if his policies are working. He must not be defensive when criticised, or evade uncomfortable questions, but face criticism head on and be able to sift the wheat from the chaff. It also necessitates that a leader show flexibility and an ability for course correction by admitting mistakes. He should know that one’s stature is not diminished by accepting fallibility. A leader must be a good communicator, and that is greatly helped if he has a way with words. But all the rhetorical flourish is of no avail if the speech lacks sincerity and conviction. Finally, a good leader knows that nothing can be achieved without the collective expertise and wisdom of a support team.
 It is equally tempting to pick those one has taken a fancy to, who are personally loyal. But such people often lack spine. (D)Fearful people with poor ability can never offer good advice to their leader and could allow bad decisions to prevail that push the country down a ruinous path. Besides, they are often among the first to backstab the leader once out of power. Thus, personal likes and dislikes too must be set aside.

Two sentences are given in italics on both sides of C. Which of the following statements can come in between the two sentences in place of C so as to maintain the continuity of the paragraph?

Directions: Read the following passage and answer the questions as directed.

We expect individuals (I) to take charge of their lives, to assume responsibility for their decisions. But when individuals group together, a problem arises. Groups can’t take charge of themselves, nor can every member simultaneously take charge of the entire group. Someone from the group is invariably asked to show the way, to become the primary agent, to lead. Yet, not everyone who occupies high office is a leader. A person who merely (II) or has management skills is not a leader. Moreover, not everyone who assumes the role of a leader is able to play it well. What qualities then make for a leader? Which (A)virtues are required to provide ethical leadership? I suppose there is little new (III). But let me still give it a shot in the hope that it serves as a good reminder. And in the election year, why not focus on qualities necessary for political leadership?

If a person is chosen to lead the group, it is her responsibility to take care of the interest of each person of the entire group. This often (B)____ putting collective interest before her own interest or that of her

preferred group. For this to happen, she must first be able to identify the common good, to have a grasp of what is acceptable to all, to have an inclusive vision. This requires an infinite capacity to listen to others, to learn from them, to have the intellectual ability to critically examine and evaluate what everyone wants and needs, and then put them all together. Since this intellectual formulation can only be the first step, an estimate of the real quality of a decision is not known until it is implemented; ______(C) _______.
 This requires him to keep his ear to the ground, listen patiently to criticism to judge if his policies are working. He must not be defensive when criticised, or evade uncomfortable questions, but face criticism head on and be able to sift the wheat from the chaff. It also necessitates that a leader show flexibility and an ability for course correction by admitting mistakes. He should know that one’s stature is not diminished by accepting fallibility. A leader must be a good communicator, and that is greatly helped if he has a way with words. But all the rhetorical flourish is of no avail if the speech lacks sincerity and conviction. Finally, a good leader knows that nothing can be achieved without the collective expertise and wisdom of a support team.
 It is equally tempting to pick those one has taken a fancy to, who are personally loyal. But such people often lack spine. (D)Fearful people with poor ability can never offer good advice to their leader and could allow bad decisions to prevail that push the country down a ruinous path. Besides, they are often among the first to backstab the leader once out of power. Thus, personal likes and dislikes too must be set aside.

Which of the following words should fill in the blank in (B) to make a contextually correct and meaningful sentence?