(1) In this Act, unless the context otherwise requires,—

(a) "associate " means an associate member of the Institute;

¹[(aa) "Authority " means the Appellate Authority referred to in section 22A;

(aaa) "Board " means the Quality Review Board constituted under section 29A];
²[(ab) Board of Discipline " means the Board of Discipline constituted under sub-section (1) of section 21A;

(ac) "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) cost accountant means a person who is a member of the Institute;

(c) Council means the Council of the Institute ²[constituted under section 9];
²[(ca) "Director (Discipline)" means the Director (Discipline) referred to in section 21 and includes Joint Director (Discipline);

(cb)"Disciplinary Committee "means the Disciplinary Committee constituted under sub-section (1) of section 21B;

(cc) "Disciplinary Directorate " means the Disciplinary Directorate established under sub-section (1) of section 21;]

(d) "dissolved " company means the Institute of Cost and Works Accountants registered under the Companies Act, ³****;

⁴[(e) "fellow " means a fellow member of the Institute];

⁵[(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); or

(ii) the sole proprietorship,
registered with the Institute;]

(f) "Institute " means the ⁶[Institute of Cost Accountants of India] constituted under this Act;

⁷[(fa) "notification " means a notification published in the Official Gazette and the term notify shall be construed accordingly;]

⁸[(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;

⁹[(i) "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;]
;

¹⁰[(ia) "specified " means specified by rules made by the Central Government under this Act;
⁸[(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);]
²[(iaaa) "Standing Committee " means a Standing Committee constituted under sub-section (1) of section 17;]

(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, 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).