law: 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.