I disagree with you. When you refer to CTC, it is the total amount, which is the Cost to Company, and not the take-home salary. The PF paid by the company is for you (the amount paid to you) and not for the company. You will receive that amount. Therefore, that is the cost to the company for keeping you or hiring you.
So, when calculating CTC, all the expenses that the company will incur on you need to be taken into account. This may also include housing, telephone bills, transportation, etc. However, many companies do not include these expenses in CTC calculations, as they report them directly to the Government of India and not as part of the employees' compensation.
Dear SReddy, as has been discussed by many, it is correct when referring to CTC and not when discussing take-home salary.
Regards