Income Tax Deduction For Bond Money Paid

Bond Money Income Tax Deduction

Bond Money Income Tax Deduction

I am working in a software company, not as a salaried employee but as a consultant.

I am receiving fees from the company and company is deducting TDS @10% on professional fees.

Now I have left my job from such company and as per terms I had paid Rs.50000/- as bond money for premature bond period.

Now I just want to ask you if I will be eligible for deduction of such bond money from my professional income or not and under what section of I.T. Act?

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