Stay Compliant with ICMAI: Membership Fee and Voting Rights Guide

Stay Compliant with the Institute of Cost Accountants of India (ICMAI)

To maintain compliance with the Institute of Cost Accountants of India (ICMAI), it is essential to pay your annual membership fee promptly and keep your professional address updated. This guide outlines crucial deadlines, payment details, and the impact on your voting rights.

Annual Membership Fee Payment: Important Information for Members

Due Date

The annual membership fee is due on April 1 every year.

Applicability of GST

An 18% GST is levied on the membership fee.

Due Date

All dues must be paid by September 30 to escape late charges and to be eligible to vote in Council and Regional Council elections.

Payment Options

Online payment is recommended for ease and quicker processing.
Reminders and full information will be sent to members through post.

Election Eligibility: Protect Your Right to Vote

Cut-off for Eligibility

According to Rule 5 of the Elections to the Council Rules, 2006, only members whose dues are paid before September 30 are entitled to vote in subsequent elections.

Penalties for Delayed Payment

Delayed payments may incur penalties and result in the loss of voting rights for the current election period.

How to Update Your Professional Address with ICMAI

Need to Update

Updation of your professional address is necessary to receive all official communications such as fee reminders, election notices, and regulatory updates.

Details to be Given for Address Updation

To updation of your professional address, provide the following:

Membership Number
Date of Birth
Category (Associate/Fellow)
Full Name and Salutation
Father's Name
Mobile Number and Email Address
Professional Address (Company, Designation, City, State, Pincode)
ISD/STD/Phone numbers
Member's Signature, Date, and Place

Submission Process

Fill in all the necessary fields, sign and date the form, and submit according to ICMAI's procedure.

Important Compliance Tips

Opt for online payment for quicker processing and acceptance of your membership fee.
Update your professional address promptly so that you do not miss important communications.
Note that payment beyond due date may incur penalties and impact your membership status.
Failure to pay within the due date means forfeiting the right to vote in Council elections.

Frequently Asked Questions (FAQs)

Q: What is the due date for payment of ICMAI membership fee? A: The due date for payment is September 30 of each year.

Q: Does GST apply on the membership fee? A: Yes, there is an 18% GST in addition to the membership fee.

Q: How do I modify my professional address with ICMAI? A: Complete the authorized address modification form with all details needed, sign, and submit as directed.

**Q: What happens in case of default in payment? A: Late payment of the due date may incur penalty and disenfranchisement of Council and Regional Council elections for the year.

Conclusion

Prompt payment of your ICMAI membership fee and regular updating of your professional address are essential to maintain membership benefits and right to vote.