(1) In this Act, unless there is anything repugnant in the subject or context,—
(a) “associate” means an associate member of the Institute;
¹(aa) “Authority” means the Appellate Authority constituted under section 22A;
(aaa) “Board” means the Quality Review Board constituted under section 28A;
²(ab) “Board of Discipline” means the Board of Discipline constituted under sub-section (1) of section 21A;
(b) “chartered accountant” means a person who is a member of the Institute ³***;
; ²(ba) “Coordination Committee” means the Coordination Committee constituted under section 9A;
(bb) “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;
(c) “Council” means the Council of the Institute ²constituted under section 9;
⁴(ca) “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;
²(cb) “Director (Discipline)” means the Director (Discipline) referred to in section 21 and includes Joint Director (Discipline);
(cc) “Disciplinary Committee” means the Disciplinary Committee constituted under sub-section (1) of section 21B;
(cd) “Disciplinary Directorate” means the Disciplinary Directorate established under sub-section (1) of section 21;
(ce) “fellow” means a fellow member 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;
⁵(ea) “notification” means a notification published in the Official Gazette and the term “notify” shall be construed accordingly;
¹(eb) “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;
(ec) “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;]
(f) “prescribed” means prescribed by regulations made under this Act;
⁶[(g) “Register” means the Register of members of the Institute maintained under section 19 or the Register of firms of the Institute maintained under section 20B, as the case may be;]
(h) “registered accountant” means any person who has been enrolled on the Register of Accountants maintained by the Central Government under the Auditor’s Certificates Rules, 1932;
¹(ha) “specified” means specified by rules made by the Central Government under this Act;
⁴(haa) “sole proprietorship” means an individual who engages himself in the practice of accountancy or offers to perform services referred to in clauses (ii) to (iv) of sub-section (2);]
²[(haaa) “Standing Committee” means a Standing Committee constituted under sub-section (1) of section 17;]
(hb) “Tribunal” means a Tribunal established under sub-section (1) of section 10B;]
(i) “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) A member of the Institute shall be deemed “to be in practice” when individually or in partnership with chartered accountants ⁷[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 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 ⁷[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 ⁷[in practice] or ⁹[a firm of such chartered accountants or firm consisting of one or more chartered accountants and members of any other professional body having prescribed qualifications] ⁷[in practice] shall, notwithstanding such employment, be deemed to be in practice for the limited purpose of the ¹⁰[training of articled assistants].


1. Ins. by Act 9 of 2006, s. 2 (w.e.f. 8-8-2006).
2. Ins. by Act 12 of 2022, s. 3 (w.e.f. 10-5-2022).
3. The words “and who is in practice” omitted by Act 15 of 1959, s. 3 (w.e.f. 1-7-1959).
4. Ins. by Act 3 of 2012, s. 2 (w.e.f. 1-2-2012).
5. Subs. by s. 3, ibid., for clause (ea) (w.e.f. 10-5-2022).
6. Subs. by Act 12 of 2022, s. 3, for clause (g) (w.e.f. 10-5-2022).
7. Ins. by Act 15 of 1959, s. 3 (w.e.f. 1-7-1959).
8. Ins. by Act 3 of 2012, s. 2 (w.e.f. 1-2-2012).
9. Subs. by Act 3 of 2012, s. 2, for “a firm of such chartered accountants” (w.e.f. 1-2-2012).
10. Subs. by Act 9 of 2006, s. 2, for “training of articled clerks” (w.e.f. 8-8-2006).