Plz revert if you aware of this

Here Maintainence Charges will be recurring in nature. Again next year shop ownner have to pay the same, So the expenses should be charged off as expenses.

Hi Chirag,

Any maintenance-related expenditure which does not increase the value of the building should be charged off whether the person is paying monthly or yearly.

Maintenance costs allow an asset to continue to be used during its originally established useful life. Maintenance costs are expensed in the period incurred.

no insurance expenses do not add value to your asset..so not to be capitalised

only those costs that are necessary to bring the asset to its present working condition or add value to it should be capitalised as per AS10