Chartered Accountants Act, 1949

2. Interpretation

(1) In this Act, unless there is anything repugnant in the subject or context-

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

(b) "chartered accountant" means a person who is a member of the Institute;

(c) "Council" means the Council of the Institute;

(d) "holder of a restricted certificate" means a person holding a permanent or temporary restricted certificate granted by a State Government under the Restricted Certificates Rules, 1932;

(e) "Institute" means the Institute of Chartered Accountants of India constituted under this Act;

(f) "prescribed" means prescribed by regulations made under this Act;

(g) "Register" means the Register of Members maintained under this Act;

(h) "registered accountant" means any person who has been enrolled on the Register of Accountants maintained by the Central Government under the Auditors' Certificates Rules, 1932;

(i) "year" means the period commencing on the lst day of April of any year and ending on the 31st day of March of the succeeding year.

(2) A member of the Institute shall be deemed, "to be in practice ",when individually or in partnership with chartered accountants in practice, he, in consideration of remuneration received or to be received-

(i) engages himself in the practice of accountancy; or

(ii) offers to perform or performs services involving the auditing or verification of financial transactions, books, accounts, or records or the preparation, verification or certification of financial accounting and related statements or holds himself out to the public as an accountant; or

(iii) renders professional services or assistance in or about matters of principle or detail relating to accounting procedure or the recording, presentation or certification of financial facts or data; or

(iv) renders such other services as, in the opinion of the Council, are or may be rendered by a chartered accountant in practice; and the words "to be in practice" with their grammatical variations and cognate expressions shall be construed accordingly.

Explanation: An associate or a fellow of the Institute who is a salaried employee of a chartered accountant in practice or a firm of such chartered accountants shall, notwithstanding such employment, be deemed to be in practice for the limited purpose of the training of articled clerks.

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