I worked for an IT MNC and left the job in october 2007.The
company has settled my employee provident fund and the company's
agent(chartered account) has sent me the settlement cheque.What I
have observed later is that the interest earned is meagre compare to the
principal amount that was deducted on monthly basis from july 2004
till october 2007. I like to know whether there is any way to
know the interest amount earned from the july2004 till october
2007 is correct or not.Since the interest earned is very low, I
guess there might be some error/fraud committed(consciously or
unconsciously) by the parties(company/PF dept/company's agent)
and is there is any way to know it how ?
The agent has deducted tax at 30% at source pus surcharge(3%) on the gross settled amount , is this is correct/legal?
The PF and other details as below
from 12/7/2004 till 19/10/2008
Contribution from employee : 145880
Interest earned @8.5 % : 1276
Contribution from company : 171717
Interest earned @8.5 % :1507
Total contribution : 317597
Total interest earned : 2783
Gross amount to be settled : 320380
Tax deducted : 96114
Edu. cess : 2883
Total tax : 98997
Thanks
Josh
