In this Chapter, unless the context otherwise requires,

(84) "practising cost accountant" means a person who is a member of the Institute of Cost and Works Accountants of India and is holding a certificate of practice granted under the provisions of the Cost and Works Accountants Act,1959 (23 of 1959) and includes any concern engaged in rendering services in the field of cost accountancy;

The Other Statute Referred:

The Cost and Works Accountants Act, 1959

Section 2(2) Practising Member:

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, he, in consideration of remuneration received or to be received,-

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

(ii) offers to perform or performs services involving the costing or pricing of goods or services or the preparation, verification or certification of cost accounting and related statements or holds himself out to the public as a Cost Accountant in practice; or

(iii) renders professional 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 Insititute 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.