EPFO: In an effort to streamline return filing by employers and institutions, the Employees’ Provident Fund Organisation (EPFO) has launched a revised Electronic Challan-cum-Return (ECR) facility with several new features.
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EPFO: The Employees’ Provident Fund Organisation (EPFO) has launched an upgraded version of the Electronic Challan-cum-Return (ECR). This feature has been implemented starting with the September salary. The EPFO announced this in a notification. This feature separates the return submission and payment processes. System-based verification is also provided. This is intended to prevent the submission of incorrect ECRs.
According to a report published in Business Standard, Sections 18B and 7Q of the Employees’ Provident Fund Organisation provide for the calculation of losses and interest. Section 7Q mandates the payment of interest along with monthly contributions. It should be noted that Section 7Q requires employers to pay interest on any EPF dues on time. The EPFO stated that the new feature will separate returns and payments, making the process more streamlined. This update will also help employees better understand the status of their contributions.
Changes in the upgraded version
1- Easier return and payment segregation
2- System-based verification to prevent incorrect ECR submission
3- Calculation of penalties and interest alongside ECR
4- Facility to amend ECR with certain conditions
5- No change to the existing ECR format.
Know what ECR is
ECR is a mandatory monthly electronic return submitted by employers to the EPFO. It contains information on members’ salaries, contributions to the Employees’ Provident Fund (EPF), Employees’ Pension Scheme (EPS), and Employees’ Deposit Linked Insurance (EDLI) schemes. ECR serves as both a return and a challan for payments. Meanwhile, the EPFO has introduced several key reforms aimed at making its services more transparent, accessible, and user-friendly for millions of subscribers across the country.
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