Provident fund is a social security system that was introduced for the purpose of encouraging savings among employees, so as to benefit them during the course of their retirement.
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All the Establishments registered under EPFO are required to file monthly Electronic Challan cum Return (ECR) irrespective of the type of business or employment strength during the return filing period. EPFO requires that even a temporarily closed establishment that had obtained EPF registration must file ECR.
DUE DATE OF RETURN FILING: 15th of the next month
BENEFITS OF ECR
• Paper return became obsolete.
• Other returns viz Form 5/10/12A,3A and 6A need not be submitted.
• Employers will get the confirmation of payment through SMS instantly.
• The contribution will be credited to the members' account on monthly basis.
• Employers can view the annual accounts slip online.
All establishments having EPF registration should file ECR on time to avoid penalty. Super CA helps you to file ECR in no time.
ECR must be filed by all establishments having EPF registration. If the establishment fails to file ECR, imprisonment which may extend to one year or fine which may extend to Rs. 5000/ or both shall apply. By subscribing to our plan, an employer can save upto Rs. 5000/- penalty every month. Delayed filing of the ECR will result in imposition of penal damages at the rate of 5% to 25% and interest at the rate of 12%, which results in significant loss to the employer. Super CA will assure timely compliance of EPF Laws.
The business entities having a strong compliance are always in the good books of the Government. We at Super CA help you to be a strong law compliance business entity.
EPF compliant status of an establishment aids the business enterprise in Indian as well as overseas business transactions. Super CA will help you in improving relations with your MNC/overseas clients.
Reserve Bank of India had, on 16th April 2012 issued direction to all Scheduled Commercial Banks to ensure on an annual basis that “all statutory dues, including EPF dues have been paid by the borrower.” Establishments using Bank credit from any Scheduled Commercial Bank are required to furnish an annual certificate to their auditors to this effect. Super CA will assure compliance with EPF laws for this certificate.
The time for filing ECR and making payment is on or before 15.05.2020. But filing of ECR and payment of dues are separate process and can be done separately.
The ECR will not lapse. Payment may be made after uploading the ECR through online payment link. But for the delay beyond the due date penalty and Interest will apply.