{"id":123452,"date":"2024-07-27T20:18:53","date_gmt":"2024-07-27T14:48:53","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&p=123452"},"modified":"2024-07-27T20:18:53","modified_gmt":"2024-07-27T14:48:53","slug":"news-in-shorts-27-july-2024","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/news-in-shorts-27-july-2024","title":{"rendered":"News in Shorts: 27 July 2024"},"content":{"rendered":"\n\n\n\n\n
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Asian Nations (ASEAN)<\/b><\/span><\/h2>\n<\/td>\n

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  • Recently, External Affairs Minister S. Jaishankar stated that <\/span>the Association of Southeast Asian Nations (ASEAN)<\/b> is central to India’s Act East Policy and Indo-Pacific visio<\/span>n.<\/span><\/li>\n<\/ul>\n

    \u00a0Association of Southeast Asian Nations (ASEAN):<\/b><\/p>\n

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    • About:<\/b> The Association of Southeast Asian Nations (ASEAN) is a regional organisation designed to foster economic and security cooperation among its <\/span>ten member<\/b>s: <\/span>Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.<\/b><\/li>\n
    • Establishment:<\/b> Founded on <\/span>August 8, 1967, in Bangkok, Thailand<\/b>, ASEAN was established with the signing of the ASEAN Declaration<\/span> (Bangkok Declaration)<\/b> by Indonesia, <\/span>Malaysia, the Philippines, Singapore, and Thailand.<\/b><\/li>\n
    • Aim:<\/b> ASEAN\u2019s motto is <\/span>\u201cOne Vision, One Identity, One Community.\u201d<\/b><\/li>\n
    • Secretariat: <\/b>The ASEAN Secretariat is based in <\/span>Jakarta, Indonesia.<\/b><\/li>\n<\/ul>\n

      Institutional Mechanism of ASEAN<\/b><\/span><\/h2>\n
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      • ASEAN Summit:<\/b> An annual meeting to address regional issues and establish policy directions.<\/span><\/li>\n
      • ASEAN Coordinating Council (ACC):<\/b> Manages the implementation of ASEAN agreements and decisions.<\/span><\/li>\n
      • ASEAN Secretariat:<\/b> Assists and facilitates ASEAN activities and initiatives.<\/span><\/li>\n
      • ASEAN Regional Forum (ARF):<\/b> A platform for dialogue and cooperation on political and security matters among ASEAN members and their partners.<\/span><\/li>\n
      • Decision Making:<\/b> Achieved through consultation and consensus.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n

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Capital Tax Gains<\/b><\/span><\/h2>\n<\/td>\n

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  • The Union Budget 2024<\/b> has introduced <\/span>significant modifications to the taxation of capital gains<\/b> in India.\u00a0<\/span><\/li>\n<\/ul>\n

    Capital Gains Tax:<\/b><\/p>\n

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    • About:<\/b> Any profit or gain that arises from the sale of a \u2018capital asset\u2019 is known as \u2018income from capital gains\u2019. Such capital gains are taxable in the year in which the transfer of the capital asset takes place. This is called capital gains tax<\/span><\/li>\n
    • Holding Period:<\/b> Earlier there were three holding periods for considering an asset to be a<\/span> long- term capital asset.<\/b>\u00a0<\/span>\n
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      • Now the holding period has been simplified. There are only two holding periods,- for listed securities,<\/span> it is one year,<\/b> for all other assets, it is<\/span> two years.<\/b><\/li>\n
      • The holding period of all listed assets will now be one <\/span>year.<\/b>\u00a0<\/span><\/li>\n
      • Therefore, for listed units of business trusts (ReITs, InVITs) holding period is reduced from 36 months to 12 months.\u00a0<\/span><\/li>\n
      • The holding period of gold, unlisted securities (other than unlisted shares) is also reduced from 36 months to 24 months.<\/span><\/li>\n<\/ul>\n<\/li>\n
      • Rates:<\/b> Rate for<\/span> short-term STT<\/b> paid listed equity, Equity oriented mutual fund and units of business trust (Section 111A) has increased from 15 to 20%. Similarly the rate for these assets for long-term (S. 112A) has increased from 10 to 12.5%.<\/span><\/li>\n
      • Exemption Limit:<\/b> The exemption limit of 1 lakh for LTCG on these assets has also increased to Rs 1.25 lakh. This increased exemption limit will apply for FY 2024-25 and subsequent years.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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Puberty blockers<\/b><\/span><\/h2>\n<\/td>\n

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