Insurance cover taken on plant and machinery at the time of purchase of machinery to be capitalised or no? Insurance cover is taken by the buyer and not invoiced in the plant and machinery invoice.
Menu
Insurance incurred on PandM, capitalised?
Replies (3)
dont capitalised
expenses incurred before the machine is put to use shall be capitalised
and related to insurance it is not one time payment u have renew it after some period of time so that
cant be capitalised treated as current expenses
dont capitalize..
as it does not enhances/increases the capability of the P&M
Recent Topic
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
Related Topics
CAclubindia
