Section 2: Definitions and interpretation

Section 2: Definitions and interpretation · Complied AI

(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, 8 [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 11 [cost accountancy]; or

(ii)

offers to perform or performs services involving the costing or pricing of goods or services or the preparation, verification or 12 [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 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.

1. Ins. by Act 7 of 2006, s. 2 (w.e.f. 8-8-2006).

2. Ins. by Act 12 of 2022, s. 40 (w.e.f. 10-5-2022).

3. The figure "1956" omitted by s. 40, ibid . (w.e.f. 10-5-2022).

4. Subs. by s. 40, ibid ., for clause (e) (w.e.f. 10-5-2022).

5. Ins. by Act 10 of 2012, s. 2 (w.e.f. 1-2-2012).

6. Subs. by s. 2, ibid ., for "Institute of Cost and Works Accountants of India" (w.e.f. 1-2-2012).

7. Subs. by Act 12 of 2022, s. 40, for clause (fa) (w.e.f. 10-5-2022).

8. Ins. by Act 10 of 2012, s. 2 (w.e.f. 1-2-2012).

9. Subs. by Act 12 of 2022, s. 40, for clause (i) (w.e.f. 10-5-2022).

10. Ins. by Act 7 of 2006, s. 2 (w.e.f. 8-8-2006).

11. Subs. by s. 2, ibid ., for cost and works accountancy (w.e.f. 1-2-2012).

12. Subs. by s. 2, ibid ., for certification of cost accounting and related statements or holds himself out to the public as a cost accountant in practice (w.e.f. 1-2-2012).