Definitions and interpretation :
Section – 2. (1) In this Act, unless the context otherwise requires,—
(a) | “associate†means an associate member of the Institute; | |
[(aa) | “Authority†means the Appellate Authority referred to in section 22A; | |
(aaa) | “Board†means the Quality Review Board constituted under section 29A;] | |
(b) | “cost accountant†means a person who is a member of the Institute; | |
(c) | “Council†means the Council of the Institute; | |
(d) | “dissolved company†means the Institute of Cost and Works Accountants registered under the Companies Act, 1956 (1 of 1956); | |
(e) | “fellow†means a fellow of the Institute; | |
[(ea) | “firm†shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932), and includes,— |
(i) | 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); | |
(ii) | the sole proprietorship, |
registered with the Institute;] | ||
(f) | “Institute†means the Institute of Cost [***] Accountants of India constituted under this Act; | |
[(fa) | “notification†means a notification published in the Official Gazette;] | |
[(fb) | “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) | “partnership†means— |
(A) | a partnership as defined in section 4 of the Indian Partnership Act, 1932 (9 of 1932); or | |
(B) | a limited liability partnership which has no company as its Partner;] |
(g) | “prescribed†means prescribed by regulations made under this Act; | |
(h) | “President†means the President of the Council; | |
(i) | “Register†means the Register of members maintained under this Act; | |
[(ia) | “specified†means specified by rules made by the Central Government under this Act; | |
[(iaa) | “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);] | |
(ib) | “Tribunal†means a Tribunal established under sub-section (1) of section 10B;] | |
(j) | “Vice-President†means the Vice-President of the Council; | |
(k) | “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) | engages himself in the practice of cost [***] accountancy; or | |
(ii) | 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) | 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) | 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 practiceâ€, 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.