Bidding adieu to Financial Year 2019-20 we are now stepping in the new Financial Year 2020-21. The start of this financial new year is not on a good note as the entire world today is struggling with COVID-19 outrage, various huge economies have fallen due to the explosion of this deadly disease. But the book is just opened and we are on its initial pages. Though the FY 2020-21 has taken a wrong kick start, the entire year is still remaining that is capable of giving us progress and huge financial benefits.
Membership Fee and COP Fee can be paid at once (for max 10 years)
With the start of the new financial year, the member needs to pay the Membership fee and renew the Certificate of Practice. For the purpose, ICAI allows all the members to make advanced payments for membership and/or COP fees for a maximum of 10 years at once. The provision is in effect from 1 April 2020.
How will the provision benefit the members?
Benefit for the members:
- In case if there is any alteration in the membership and/or COP fee structure, and the fees are increased, then the member of ICAI who has already paid will not have to pay any additional amount. His/her name remains in the list of members no matter there is any shortfall/revision in the fee structure.
- An ACA who has acquired advance membership by making advance payments for a certain period (not 10 years) and later on goes to become an FCA, in such a situation the member is liable to pay only the difference fees (i.e. the difference in fee from ACA to FCA) for the rest of the period. No additional amount.
Professionals in their busy schedules often tend to forget paying for their membership or COP at regular intervals. The new provision of advanced payments is for them to escape the penalty/interest on late payments. The provision will help the members to continue their membership without any hindrance on account of non-payment.
ICAI is welcoming Contributions for ICAI COVID-19 Relief Fund
The Institute of Chartered Accountants of India (ICAI) has initiated a step towards the COVID-19 Relief Fund. The whole world is struggling with this pandemic and India is no exception. ICAI is taking a step towards helping the country cope with this pandemic and therefore it is requested from every individual to contribute to the COVID-19 Relief Fund.
We are thankful that we are privileged and are capable of contributing funds to support the government. More than Rs. 1 Crore is already been accumulated but looking at the severity of the situation, a lot more needs to be done. More contributions are openly welcomed. Details regarding the contribution is available on the link: https://www.icai.org/new_post.html?post_id=16403
Contributing towards Chartered Accountants’ Benevolent Fund (CABF)
Apart from that, ICAI is constantly focused on Chartered Accountants’ Benevolent Fund (CABF), which has always been and is still a priority. The fund raised via CABF is going straight to help the members in distress and to cater to the families of the deceased. Before any professional task, it is the utmost duty of each and every member/professional/colleague to come forwards and contribute a portion to CABF, so that the account opened for helping the under-privileged never goes empty.
At the time of paying a membership fee or COP fee don’t forget to take a step towards a noble cause and fill in the CABF.
The entire nation is struggling with the outbreak of COVID-19 and in such tough situations, government is dedicatedly working towards eliminating the disease from the land and it is our moral duty to support the supporters of our nation.
Every individual is expected to take good care of themselves and their family apart from that it is a request from them to contribute generously to the funds that are meant to help the needy.Stay Safe, Stay Healthy