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
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