EPFO – Big news for EPFO members. The Employees’ Provident Fund Organisation (EPFO) has launched an upgraded version of the Electronic Challan-cum-Return (ECR). This facility has been started. This change will start from the salary of the month of September. EPFO has given this information through a notification.
Key Takeaways
Quick Read- Changes in the upgraded version
- Know what is ECR
In this facility, the process of filing returns and payment has been separated. Along with this, the facility of system based verification has also been provided. Its purpose is to prevent the submission of wrong ECR.
According to a report, Sections 18B and 7Q of the Employees’ Provident Fund Organization provide for the calculation of losses and interest. Section 7Q mandates the payment of interest along with monthly contributions. Section 7Q requires employers to pay interest on any EPF dues in a timely manner. The EPFO stated that the new features will separate returns and payments, making the process more streamlined. This update will also help employees better understand their contribution status.
Changes in the upgraded version
1- Easy returns and payment segregation.
2- System-based verification to prevent submission of incorrect ECR.
3- Calculation of ECR along with damages and interest.
4. Facility to amend ECR subject to certain conditions.
5 – No change in the existing format of ECR.
Know what is ECR
The 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.
The 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.
