IBPS SO / NIACL AO English Questions (Cloze Test) Day-39

Dear Readers, Bank Exam Race for the Year 2018 is already started, To enrich your preparation here we have providing new series of Practice Questions on English language – Section. Candidates those who are preparing for IBPS SO / NIACL AO 2018 Exams can practice these questions daily and make your preparation effective.

Direction (1-10): In a passage given below there are 10 blanks, each followed by a word given in bold. Even blank has four alternative words given in options (a), (b), (c) and (d). You have to choose which word will best suit to the respective blank. Choose (e) as your answer if the word given in the bold after the blank is your answer i.e   “No change requires”.

The Section 14 of Income Tax Act classifies all incomes under the five heads. These are Salaries, Income from House Property, Profits and Gains from Business or Profession, Capital Gains and Income from other sources.

The total income is calculated by _(1)_[amalgamating]_the income of all categories. The tax on the total taxable income(after deductions) is then calculated as per the Income Tax slab rates.

An income is taxable under Salary head if there is a relationship of employer and employee. This means there should be a relationship between the _(2)_[sponsor]_and the payee. If the relationship does not exist or cannot be_(3)_[verified]_, then the income will not be deemed to be income from salary.

For example, Mr.Rakesh works in XYZ Ltd. owned by his brother. In spite of being related, he takes a salary of ₹60,000 as his monthly income. In this example, he has an employee-employer relationship with his brother. Therefore, his monthly income shall be _(4)_[payable]_under the head of Income from Salary.

The rental income earned from the house property is taxable under the Income from House Property. Or it can be said that tax on income from house property is tax on _(5)_[fee]_income which is earned from house property. However, in case, property is not rented out, the tax would be levied on _(6)_[visualized]_rent that would have been received if the property had been rented out.

Income from House Property is the only income that is taxed on a _(7)_[imaginary]_basis. Tax is not only levied on the income from house property but income from commercial property and other forms of property. Various _(8)_[withdrawals]_are allowed under this income head such as tax deduction on a home loan.

Any income that _(9)_[has]_earned from a profession/trade/manufacture/commerce shall be taxable under the income head, “ Profits and Loss from Business or Profession”.

Any profit or gain earned due to the sale of an asset in the effective financial year shall be taxable under the head of Income of Capital Gains and shall be deemed to be the

income of the financial year in which the sale took place unless the gain is _(10)_[spared]_under Section 54, 54B, 54D, 54EC etc.

1) ?

a) joining

b) uniting

c) clubbing

d) mingling

e) No change required

2) ?

a) investor

b) spender

c) financer

d) payer

e) No change required

3) ?

a) attested

b) proved

c) validated

d) sanctioned

e) No change required

4) ?

a) computable

b) chargeable

c) ratable

d) taxable

e) No change required

5) ?

a) letting

b) hire

c) rental

d) leasing

e) No change required

6) ?

a) guessed

b) expected

c) imagined

d) supposed

e) No change required

7) ?

a) fancied

b) pretend

c) notional

d) unreal

e) No change required

8) ?

a) abstractions

b) removals

c) subtractions

d) deductions

e) No change required

9) ?

a) are

b) is

c) shall

d) have

e) No change required

10) ?

a) released

b) excepted

c) excused

d) exempt

e) No change required

Answers:

1) Answer: c)

According to the sentence “clubbing” will be used as the meaning of “club” is “Combine with others so as to collect a sum of money for a particular purpose”.

2) Answer: d)

According to the sentence “payer” will be used as it means “A person or organization that gives someone money that is due for work done, goods received, or a debt incurred”.

3) Answer: b)

According to the sentence “proved” will be used as the meaning of “prove” is “Demonstrate the truth or existence of (something) by evidence or argument”.

4) Answer: d)

According to the sentence “taxable” will be used as it means “Liable to be taxed / subject to tax”.

5) Answer: c)

According to the sentence “rental” will be used as it means “An amount paid or received as rent / hire charge”.

6) Answer: b)

According to the sentence “expected” will be used as “expect” is used to indicate that one supposes something to be so but has no firm evidence.

7) Answer: c)

According to the sentence “notional” will be used as it means “not practical/ theoretical”.

8) Answer: d)

According to the sentence “deductions” will be used as the meaning of “deduction” is “An amount that is or may be deducted from something, especially from taxable income or tax to be paid”.

9) Answer: b)

According to the sentence “is” will be used as the part of sentence is based on passive voice.

10) Answer: d)

According to the sentence “exempt” will be used as it means “Free (a person or organization) from an obligation or liability imposed on others”.

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