Dear friends,
I was working for an NGO and recently quit after working for 4.5 years.Now when I received a statement from them which states that my Pf acumulation till date is only 50K. But some of my colleagues who worked there only for 2 years got pf of about 90K. I am not able to understand the logic, how they calculate PF. And also they told me that if I with draw the pf before 5 years of service, there will be a deduction of 30% tax on the entire PF. Is this correct ?
Please clarify
From India, Mumbai
I was working for an NGO and recently quit after working for 4.5 years.Now when I received a statement from them which states that my Pf acumulation till date is only 50K. But some of my colleagues who worked there only for 2 years got pf of about 90K. I am not able to understand the logic, how they calculate PF. And also they told me that if I with draw the pf before 5 years of service, there will be a deduction of 30% tax on the entire PF. Is this correct ?
Please clarify
From India, Mumbai
HI do you know your basic salry if yes than take 12% of yr basic + 12 % for yr company
than multiply with working month
than you will get total amout but in that 24 % of you will get intrs on 15.67% amount only
From India, Bangalore
12than multiply with working month
than you will get total amout but in that 24 % of you will get intrs on 15.67% amount only
From India, Bangalore
PF calculation
12% of Employees 12 % of Employers = 24%
12 % of Emp. + 3.67 of Employ = 15.67% deposit in EPF A/C
0% of Emp + 8.33 of Employer =8.33 % deposit in Pension A/c .
if U want to more satisfaction than call me 09792201645 vipin
From India, Delhi
12% of Employees 12 % of Employers = 24%
12 % of Emp. + 3.67 of Employ = 15.67% deposit in EPF A/C
0% of Emp + 8.33 of Employer =8.33 % deposit in Pension A/c .
if U want to more satisfaction than call me 09792201645 vipin
From India, Delhi
If the salaries are same, difference mayl be due to voluntary contributions by your colleagues. Abbas.P.S
From India, Bangalore
From India, Bangalore
Pls collect Form-23 i.e PF pay slips, in that they will mention opening balance and current year balance as well as closing balance at the end of the year. may be it will help you
From India, Bangalore
From India, Bangalore
Calculate 12% of your Basic + DA & 12% for yr company PF. Then that amount u multiply with the no. of mths u hv worked in the organisation,
you shall get total amout. In that you will get interest on 15.67 % amt only. Hope this clarifies your doubts.
Rgds,
Sangeeta
HR Executive
From India, Mumbai
you shall get total amout. In that you will get interest on 15.67 % amt only. Hope this clarifies your doubts.
Rgds,
Sangeeta
HR Executive
From India, Mumbai
Dear All.,
pls advice me on below matter.
At present m working in a manufacture industry.
When I received my 1st Salary from this comany, I found that the salary is not same which they have discussed during the Interview.
Hence,I have signed on the same (Salary Structure) paper during the interview time, but I didn't take any copy due to some late timing.
I would inform you that my CTC is same as discussed earlier but net in hand is not same.
I am very upset for the same.
Kindly suggest me, what I do now?
Rgds/ Monika Kaushal
From India, New Delhi
pls advice me on below matter.
At present m working in a manufacture industry.
When I received my 1st Salary from this comany, I found that the salary is not same which they have discussed during the Interview.
Hence,I have signed on the same (Salary Structure) paper during the interview time, but I didn't take any copy due to some late timing.
I would inform you that my CTC is same as discussed earlier but net in hand is not same.
I am very upset for the same.
Kindly suggest me, what I do now?
Rgds/ Monika Kaushal
From India, New Delhi
I have one query about the PF
One of our employee who has joined the organisation on April 10 2008 and whose PF deduction started from April 2008 onwards. In the month of Nov 2 2009 another one employee joined the organisation and her PF deduction also started from the same month
The problem came to know when the first employee ( Whose joining date is April 10 2008 ) has resigned and filled up PF form.
When it was time to attached 3A it came to know that both employee has been allocated similar PF No.
Now what should we do and how to go ahead
pl. guide.
From India, Pune
One of our employee who has joined the organisation on April 10 2008 and whose PF deduction started from April 2008 onwards. In the month of Nov 2 2009 another one employee joined the organisation and her PF deduction also started from the same month
The problem came to know when the first employee ( Whose joining date is April 10 2008 ) has resigned and filled up PF form.
When it was time to attached 3A it came to know that both employee has been allocated similar PF No.
Now what should we do and how to go ahead
pl. guide.
From India, Pune
Dear All,
I fully agree with Shri Abbasiti. The difference maybe on account of voluntary subscription to the PF for saving income tax.
The other question - taxability of withdrawal before completion of 5 year service. If self subscription to one's PF account is withdrawn, no income tax is leviable irrespective of length of service as it is already taxed at source. The employer contribution to one's PF is not taxable if the length of service is more than 5 years. In case of less than 5 years service, the employer contribution is taxable income. The income tax is not to be deducted at source. The assessee has to declare it in his return and pay due tax on it. If he evades it, he/she is defaluter and guilty of false declaration. Some people misinterpret the condition of 5 year service. Even of the length of service is less than 5 years, they apply for withdrawal late - after 5 years. Even if the account is closed late and the accumulations withdrawn after completion of 5 years, that does not change the tenure of service. To be specific - a person works for 4 years and nine months and leaves his job. He does not apply for PF withdrawal immediately after leaving the job. He waits for a year and then applies for withdrawal. He will get interest for the period his amount lies in the PF account but despite his getting the PF dues after six years, his employer contribution is still taxable because he had left the job after 4 years and nine months. His late application for payment of PF dues does not increase his length of service.
From India, Pune
I fully agree with Shri Abbasiti. The difference maybe on account of voluntary subscription to the PF for saving income tax.
The other question - taxability of withdrawal before completion of 5 year service. If self subscription to one's PF account is withdrawn, no income tax is leviable irrespective of length of service as it is already taxed at source. The employer contribution to one's PF is not taxable if the length of service is more than 5 years. In case of less than 5 years service, the employer contribution is taxable income. The income tax is not to be deducted at source. The assessee has to declare it in his return and pay due tax on it. If he evades it, he/she is defaluter and guilty of false declaration. Some people misinterpret the condition of 5 year service. Even of the length of service is less than 5 years, they apply for withdrawal late - after 5 years. Even if the account is closed late and the accumulations withdrawn after completion of 5 years, that does not change the tenure of service. To be specific - a person works for 4 years and nine months and leaves his job. He does not apply for PF withdrawal immediately after leaving the job. He waits for a year and then applies for withdrawal. He will get interest for the period his amount lies in the PF account but despite his getting the PF dues after six years, his employer contribution is still taxable because he had left the job after 4 years and nine months. His late application for payment of PF dues does not increase his length of service.
From India, Pune
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf
PF clarification on leave encashment.jpg
PF WORKING-MASTER SUMMARY.xls