Interpretation :
Section – 2. (1) In this Act, unless there is anything repugnant in the subject or context,—
(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;] | ||
(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; | |
3[(ea) | “notification” means a notification published in the Official Gazette;] | |
5[(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; | |
(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 Auditor’s Certificates Rules, 1932; | |
3[(ha) | “specified” means specified by rules made by the Central Government under this Act; | |
5[(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);] | |
(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 6[in practice] 7[or in partnership with members of such other recognised professions as may be prescribed], he, in consideration of remuneration received or to be received,—
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 6[in practice] or 8[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] shall, notwithstanding such employment, be deemed to be in practice for the limited purpose of the training of articled 9[assistants].