Who headed the Tax Administration Reforms Commission whichsubmitted its report to the Finance Ministry in 2014? ?->(Show Answer!)

1. Who headed the Tax Administration Reforms Commission whichsubmitted its report to the Finance Ministry in 2014?

Answer: Parthasarathy Shome

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MCQ-> Directions: Read the following passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions. When times are hard, doomsayers are aplenty. The problem is that if you listen to them too carefully, you tend to overlook the most obvious signs of change. 2011 was a bad year. Can 2012 be any worse? Doomsday forecasts are the easiest to make these days. So let's try a contrarian's forecast instead. Let's start with the global economy. We have seen a steady flow of good news from the US. The employment situation seems to be improving rapidly and consumer sentiment, reflected in retail expenditures on discretionary items like electronics and clothes, has picked up. If these trends sustain, the US might post better growth numbers for 2012 than the 1.5 - 1.8 percent being forecast currently. Japan is likely to pull out of a recession in 2012 as post-earthquake reconstruction efforts gather momentum and the fiscal stimulus announced in 2011 begin to pay off. The consensus estimate for growth in Japan is a respectable 2 percent for 2012. The "hard landing' scenario for China remains and will remain a myth. Growth might decelerate further from the 9 percent that is expected to clock in 2011 but is unlikely to drop below 8 - 8.5 percent in 2012. Europe is certainly in a spot of trouble. It is perhaps already in recession and for 2012 it is likely to post mildly negative growth. The risk of implosion has dwindled over the last few months- peripheral economies like Greece, Italy and Spain have new governments in place and have made progress towards genuine economic reform. Even with some these positive factors in place, we have to accept the fact that global growth in 2012 will be tepid. But there is a flipside to this. Softer growth means lower demand for commodities, and this is likely to drive a correction in commodity prices. Lower commodity inflation will enable emerging market central banks to reverse their monetary stance. China, for instance, has already reversed its stance and have pared its reserve ratio twice. The RBI also seems poised for a reversal in its rate cycle as headline inflation seems well one its way to its target of 7 percent for March 2012. That said, oil might be an exception to the general trend in commodities. Rising geopolitical tensions, particularly the continuing face-off between Iran and the US, might lead to a spurt in prices. It might make sense for our oil companies to hedge this risk instead of buying oil in the spot market. As inflation fears abate, and emerging market central banks begin to cut rates, two things could happen. Lower commodity inflation would mean lower interest rates and better credit availability. This could set the floor to growth and slowly reverse the business cycle within these economies. Second, as the fear of untamed, runaway inflation in these economies abates, the global investor's comfort levels with their markets will increase. Which of the emerging markets will outperform and who will leave behind? In an environment in which global growth is likely to be weak, economies like India that have a powerful domestic consumption dynamic should lead; those dependent on exports should, prima facie, fall behind. Specifically for India, a fall in the exchange rate could not have come at a better time. It will help Indian exporters gain market share even if global trade remains depressed. More importantly, it could lead to massive import substitution that favours domestic producers.Let’s now focus on India and start with a caveat. It is important not to confuse a short run cyclical dip with a permanent derating of its long-term structural potential. The arithmetic is simple. Our growth rate can be in the range of 7-10 percent depending on policy action. Ten percent if we get everything right, 7 percent if we get it all wrong. Which policies and reforms are critical to taking us to our 10 percent potential? In judging this, let’s again be careful. Let’s not go by the laundry list of reforms that FIIs like to wave: The increase in foreign equity limits in foreign shareholding, greater voting rights for institutional shareholders in banks, FDI in retail, etc. These can have an impact only at the margin. We need not bend over backwards to appease the FIIs through these reforms they will invest in our markets when momentum picks up and will be the first to exit when the momentum flags, reforms or not. The reforms that we need are the ones that can actually raise our sustainable longterm growth rate. These have to come in areas like better targeting of subsidies, making projects in infrastructure viable so that they draw capital, raising the productivity of agriculture, improving healthcare and education, bringing the parallel economy under the tax net, implementing fundamental reforms in taxation like GST and the direct tax code and finally easing the myriad rules and regulations that make doing business in India such a nightmare. A number of these things do not require new legislation and can be done through executive order.Which of the following is not true according to the passage?
...

MCQ-> Directions : Choose the word/group of words which is most opposite in meaning to the word / group of words printed in bold as used in the passage.When times are hard, doomsayers are aplenty. The problem is that if you listen to them too carefully, you tend to overlook the most obvious signs of change. 2011 was a bad year. Can 2012 be any worse? Doomsday forecasts are the easiest to make these days. So let's try a contrarian's forecast instead. Let's start with the global economy. We have seen a steady flow of good news from the US. The employment situation seems to be improving rapidly and consumer sentiment, reflected in retail expenditures on discretionary items like electronics and clothes, has picked up. If these trends sustain, the US might post better growth numbers for 2012 than the 1.5 - 1.8 percent being forecast currently. Japan is likely to pull out of a recession in 2012 as post-earthquake reconstruction efforts gather momentum and the fiscal stimulus announced in 2011 begin to pay off. The consensus estimate for growth in Japan is a respectable 2 percent for 2012. The "hard landing' scenario for China remains and will remain a myth. Growth might decelerate further from the 9 percent that is expected to clock in 2011 but is unlikely to drop below 8 - 8.5 percent in 2012. Europe is certainly in a spot of trouble. It is perhaps already in recession and for 2012 it is likely to post mildly negative growth. The risk of implosion has dwindled over the last few months- peripheral economies like Greece, Italy and Spain have new governments in place and have made progress towards genuine economic reform. Even with some these positive factors in place, we have to accept the fact that global growth in 2012 will be tepid. But there is a flipside to this. Softer growth means lower demand for commodities, and this is likely to drive a correction in commodity prices. Lower commodity inflation will enable emerging market central banks to reverse their monetary stance. China, for instance, has already reversed its stance and have pared its reserve ratio twice. The RBI also seems poised for a reversal in its rate cycle as headline inflation seems well one its way to its target of 7 percent for March 2012. That said, oil might be an exception to the general trend in commodities. Rising geopolitical tensions, particularly the continuing face-off between Iran and the US, might lead to a spurt in prices. It might make sense for our oil companies to hedge this risk instead of buying oil in the spot market. As inflation fears abate, and emerging market central banks begin to cut rates, two things could happen. Lower commodity inflation would mean lower interest rates and better credit availability. This could set the floor to growth and slowly reverse the business cycle within these economies. Second, as the fear of untamed, runaway inflation in these economies abates, the global investor's comfort levels with their markets will increase. Which of the emerging markets will outperform and who will leave behind? In an environment in which global growth is likely to be weak, economies like India that have a powerful domestic consumption dynamic should lead; those dependent on exports should, prima facie, fall behind. Specifically for India, a fall in the exchange rate could not have come at a better time. It will help Indian exporters gain market share even if global trade remains depressed. More importantly, it could lead to massive import substitution that favours domestic producers.Let’s now focus on India and start with a caveat. It is important not to confuse a short run cyclical dip with a permanent derating of its long-term structural potential. The arithmetic is simple. Our growth rate can be in the range of 7-10 percent depending on policy action. Ten percent if we get everything right, 7 percent if we get it all wrong. Which policies and reforms are critical to taking us to our 10 percent potential? In judging this, let’s again be careful. Let’s not go by the laundry list of reforms that FIIs like to wave: The increase in foreign equity limits in foreign shareholding, greater voting rights for institutional shareholders in banks, FDI in retail, etc. These can have an impact only at the margin. We need not bend over backwards to appease the FIIs through these reforms they will invest in our markets when momentum picks up and will be the first to exit when the momentum flags, reforms or not. The reforms that we need are the ones that can actually raise our sustainable longterm growth rate. These have to come in areas like better targeting of subsidies, making projects in infrastructure viable so that they draw capital, raising the productivity of agriculture, improving healthcare and education, bringing the parallel economy under the tax net, implementing fundamental reforms in taxation like GST and the direct tax code and finally easing the MYRIAD
rules and regulations that make doing business in India such a nightmare. A number of these things do not require new legislation and can be done through executive order.MYRIAD
...

MCQ-> Study tin following information carefully and answer the questions given below: Following are the conditions for selecting a Manager Finance in an organization. The candidate must- (i) be a graduate in any discipline with at least 50% marks. (ii) have completed Post Graduate Degree/Diploma in Management with specialization in Finance with at least 65% marks (iii) have post qualification work experience of at least 4 years in the finance department of all organization. (iv) be at least 26 years and not more than 36 years as on 01.12.2011. In the case of a candidate who fulfils all the conditions except- (a) at (ii) above, but has secured at least 60% marks in post-graduate degree/diploma in management with specialization in Finance and at least 70% marks in Graduation. his/her case is to be referred to DGM - Finance (b) at (iii) above, but has post qualification work experience of at least two years as Assistant Finance Manager. his/her case is to be referred to GM-Finance. In each question below. details of one candidate are provided. You have to take one of the following courses of action based on the conditions given above and the information provided in each question and mark the number of that course of action as your answer. You are not to assume anything other than the information provided in each question. All these cases are given to you as on 01.12.2011. Mark answer (1) if the candidate is to be selected. Mark answer (2) if the data provided are inadequate to take a decision. Mark answer (3) if the candidate is not to be selected. Mark answer (4) if the case is to be referred to DGM-Finance. Mark answer (5) if the case is to be referred to GM-Finance. Now read the information provided in each question and mark your answer accordingly.Raman Sharma was born on 19th March 1981. He has been working in the finance department of an organization for the past six years. He has secured 65% marks in B.Com. and 75% marks In his post graduate degree in management with finance specialization.
...

MCQ-> Study the following information carefully and answer the questions given below: Following are the conditions for selecting Manager- Finance in an organisation: The candidate must — (i) be a graduate in any discipline with at least 50 percent marks. (ii) be a postgraduate in Management with specialisation in Finance. (iii) be at least 25 years and not more than 35 years as on 1.2.2013. (iv) have post qualification work experience of at least two years in the Accounts/Finance department of an organization (v) have secured at least 40 percent marks in the selection process. In the case of a candidate who satisfies all other criteria EXCEPT (A) at (ii) above, but has worked as Deputy Manager - Finance in an organization for at least three years, his/her case is to be referred to General Manager- Finance. (B) at (v) above, but has secured at least 70 percent marks in post graduation, his/her case is to be referred to President-Finance.In each question below, detailed information of one candidate is provided. You have to take one of the following courses of action based on the information provided and the conditions and subconditions given above and mark your answer accordingly. You are not to assume anything other than the information provided in case of each candidate. All these cases are given to you as on 1.2.2013Mark answer a: if the candidate is not to be selected. Mark answer b: if the data Provided are not adequate to take a decision. Mark answer c: if the case is to be referred to General Manager-Finance. Mark answer d: if the case is to be referred to President-Finance. Mark answer e: if the candidate is to be selected.Geeta Kothari was born on 10th September 1980. She has been working in the Finance Department of an organization for the past four years after completing her MBA with Finance specialisation. She has secured 50 percent marks in the selection process.
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MCQ->Indias Tax Administration Reform Commission submitted its first report to Finance Minister in June 2014 and this commission is headed by:...