Definitions and interpretation.
2. (1) In this Act, unless the context otherwise requires,—
| (a) |
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"associate" means an associate member of the Institute; |
| [(aa) |
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"Authority" means the Appellate Authority referred to in section 22A; |
| (aaa) |
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"Board" means the Quality Review Board constituted under section 29A;] |
| [(ab) |
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"Board of Discipline" means the Board of Discipline constituted under sub-section (1) of section 21A; |
| (ac) |
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"Companies Act" means the Companies Act, 2013 (18 of 2013) or any other previous company law as defined in clause (67) of section 2 of the said Act;] |
| (b) |
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"cost accountant" means a person who is a member of the Institute; |
| (c) |
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"Council" means the Council of the Institute [constituted under section 9;] |
| [(ca) |
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"Director (Discipline)" means the Director (Discipline) referred to in section 21 and includes Joint Director (Discipline); |
| (cb) |
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"Disciplinary Committee" means the Disciplinary Committee constituted under sub-section (1) of section 21B; |
| (cc) |
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"Disciplinary Directorate" means the Disciplinary Directorate established under sub-section (1) of section 21;] |
| (d) |
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"dissolved company" means the Institute of Cost and Works Accountants registered under the Companies Act [***]; |
| [(e) |
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"fellow" means a fellow member of the Institute;] |
| [(ea) |
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"firm" shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932), and includes,— |
| (i) |
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the limited liability partnership as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); or |
| (ii) |
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the sole proprietorship, |
|
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registered with the Institute;] |
| (f) |
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"Institute" means the [Institute of Cost Accountants of India] constituted under this Act; |
| [(fa) |
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"notification" means a notification published in the Official Gazette and the term "notify" shall be construed accordingly;] |
| [(fb) |
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"partner" shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932) or in clause (q) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), as the case may be; |
| (fc) |
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"partnership" means— |
| (A) |
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a partnership as defined in section 4 of the Indian Partnership Act, 1932 (9 of 1932); or |
| (B) |
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a limited liability partnership which has no company as its Partner;] |
| (g) |
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"prescribed" means prescribed by regulations made under this Act; |
| (h) |
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"President" means the President of the Council; |
| [(i) |
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"Register" means the Register of members of the Institute maintained under section 19 or Register of firms of the Institute maintained under section 20B, as the case may be;] |
| [(ia) |
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"specified" means specified by rules made by the Central Government under this Act; |
| [(iaa) |
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"sole proprietorship" means an individual who engages himself in the practice of cost accountancy or offers to perform services referred to in clauses (ii) to (iv) of sub-section (2);] |
| [(iaaa) |
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"Standing Committee" means a Standing Committee constituted under sub-section (1) of section 17;] |
| (ib) |
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"Tribunal" means a Tribunal established under sub-section (1) of section 10B;] |
| (j) |
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"Vice-President" means the Vice-President of the Council; |
| (k) |
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"year" means the period commencing on the 1st day of April of any year and ending on the 31st day of March of the succeeding year. |
(2) Save as otherwise provided in this Act, a member of the Institute shall be deemed "to be in practice" when, individually or in partnership with one or more members of the Institute in practice [or in partnership with members of such other recognised professions as may be prescribed], he, in consideration of remuneration received or to be received,—
| (i) |
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engages himself in the practice of [cost accountancy]; or |
| (ii) |
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offers to perform or performs services involving the costing or pricing of goods or services or the preparation, verification or [certification or auditing of cost accounting and related statements or holds himself out to the public as a cost accountant in practice]; or |
| (iii) |
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renders professional services or assistance in or about matters of principle or detail relating to cost accounting procedure or the recording, presentation or certification of costing facts or data; or |
| (iv) |
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renders such other services as, in the opinion of the Council, are or may be rendered by a cost accountant in practice, |
and the words "to be in practice", with their grammatical variations and cognate expressions, shall be construed accordingly.
Explanation:—A member of the Institute who is a whole-time salaried employee of any person shall not be deemed to be in practice within the meaning of this sub-section.
