law: Cost and Works Accountants Act, 1959 
  2. Definitions and interpretation 
  (1) In this Act, unless the context otherwise
  
  requires- 
  (a)
  
  "associate" means an associate member of the Institute;
  (b) "cost
  
  accountant" means a person who is a member of the Institute.   
  (c)
  
  "Council" means the Council of the Institute;
  (d) "dissolved
  
  company" means the Institute of Cost and Works Accountants registered
  
  under the Companies Act, 1956 (8 of 1956);
  (e) "fellow"
  
  means a fellow of the Institute;
  (f)
  
  "Institute" means the Institute of Cost and Works Accountants of
  
  India constituted under this Act;
  (g)
  
  "prescribed" means prescribed by regulations made under this Act;
  (h)
  
  "President" means the President of the Council;
  (i)
  
  "Register" means the Register of members maintained under this Act;
  (j)
  
  "Vice-President" means the Vice-President of the Council;
  (k) "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) 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 services 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
  
  Institute 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.