On the Income Tax website, I see various rates of depreciation (for income-tax).
I also see a section "Depreciation under Companies Act, 2013" where it talks about "useful life" and scrap-value of assets.
1. I'm a self-employed, not a company. So while accounting for ITR filing purposes, should I account for useful lives of assets? or should I keep mentioning the WDV in ITR depreciation schedules each year as along as assets are practically useful in the business?
2. Should I really have to take "scrap-value" into account while doing the calculations?
3. As per income tax, if we can classify a software that is not an integral part of the computer (ie., application software) as intangible assets, then why the page does not mention "software" under intangible assets?
Ref. link:
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/viewer.aspx?path=https://www.incometaxindia.gov.in/charts%20%20tables/depreciation%20rates.htm&k=&IsDlg=0
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