No relaxation in ICAI Annual membership / COP Fee for 2021-22

No relaxation in ICAI Annual membership / COP Fee for 2021-22

ICAI has issued it Annual Fee Circular for 2021-22. The fee became due for payment on 1st April, 2021 and needs to be paid on or before 30th September, 2021.   

As per ICAI 71st Annual Report, total number of Chartered Accountants as on 01.04.2020 were 307238. The category-wise breakup of the members was as under:

As per ICAI Balance sheet for the year ended 31st March 2020, the gross income of the Institute from membership fee was whooping Rs. 11236 lakhs while the net surplus earned by ICAI for the year was Rs. 29919 lakhs. 

In view of the prevailing situation in the Country due to covid-19 pandemic, it was expected that ICAI would grant some relief/relaxation to members in the payment of Annual Membership / COP Fee for 2021-22. However no relief has been given and the Annual fee has been kept the same as it was for 2020-21. 

Also, in terms of GST liability, ICAI has requested members to pay the fees preferably by 30th June, 2021 .

As per ICAI latest announcement, for 2021-22, the Annual Membership Fee/Certificate of Practice Fee payable along with GST i.e.18% is as under;

• Section 292C carry no presumption of correctness of seized documents contents against third party
• Condonation of delay u/s 119(2)(b) for filing revised return to avail benefits u/s 44ADA
• Whether condition of pre-deposit prior to reference to Arbitration is arbitrary & violative of right to sue?
• FAQs on Foreign Assets of Small Taxpayers Disclosure Scheme and Rule 2026
• Foreign Assets of Small Taxpayers- Disclosure Scheme Rules 2026 notified