THE COST ACCOUNTANTS ACT, 1959

1959 · State unknown · central · act_text

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Sections (219)

22A · Constitution of Appellate Authority.

22B · Term of office of members of Authority.

22C · Procedure, etc., of Authority.

22D · Officers and other staff of Authority.

22E · Appeal to Authority.

36A · Members, etc., to be public servants .

38A · Power of Central Government to make rules.

29A · Establishment of Quality Review Board.

29D · Terms and conditions of service of Chairperson and members of Board and its expenditure.

1 · Short title, extent and commencement . — (1) This Act may be called the 2 [Cost Accountants] Act, 1959.

2 · Definitions and interpretation . — (1) In this Act, unless the context otherwise requires,—

6 · [(aa) " Authority " means the Appellate Authority referred to in section 22A;

7 · [(ab) " Board of Discipline " means the Board of Discipline constituted under sub-section (1) of section 21A;

7 · [(ca) " Director (Discipline) " means the Director (Discipline) referred to in section 21 and includes Joint Director (Discipline);

9 · [(e) " fellow " means a fellow member of the Institute;]

10 · [(ea) " firm " shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932), and includes,—

1 · Subs. by Act 12 of 2022, s. 38, for “regulation of the profession of cost and work accountants” (w.e.f. 10-5-2022).

2 · Subs. by s. 39 , ibid., for "Cost and Works Accountants" (w.e.f. 10-5-2022).

3 · This is made applicable union territory Goa, Daman and Diu, s. 3 and the Schedule (w.e.f. 1-8-1965).

4 · The words “except the State of Jammu and Kashmir” omitted by Act 25 of 1968, s. 2 and the Schedule (w.e.f. 15-8-1968).

5 · 28th May, 1959, vide notification No. G.S.R. 610, dated 25th May, 1959, see Gazette of India, Extraordinary, Part II, sec. 3(i).

6 · Ins. by Act 7 of 2006, s. 2 (w.e.f. 8-8-2006).

7 · Ins. by Act 12 of 2022, s. 40 (w.e.f. 10-5-2022).

8 · The figure “1956” omitted by s. 40, ibid. (w.e.f. 10-5-2022).

9 · Subs. by s. 40, ibid., for clause (e) (w.e.f. 10-5-2022).

10 · . Ins. by Act 10 of 2012, s. 2 (w.e.f. 1-2-2012).

2 · [(fa) " notification " means a notification published in the Official Gazette and the term "notify" shall be construed accordingly;]

3 · [(fb) " 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;

4 · [(i) " Register" means the Register of members of the Institute maintained under section 19 or Register of firms of the Institute maintained under section 20B, as the case may be;]

5 · [(ia) " specified " means specified by rules made by the Central Government under this Act;

3 · [(iaa) " sole proprietorship " means an individual who engages himself in the practice of cost accountancy or offers to perform services referred to in clauses (ii) to (iv) of sub-section (2);]

6 · [(iaaa) "Standing Committee" means a Standing Committee constituted under sub-section (1) of section 17;]

1 · Subs. by Act 10 of 2012, s. 2, for “Institute of Cost and Works Accountants of India” (w.e.f. 1-2-2012).

2 · Subs. by Act 12 of 2022, s. 40, for clause (fa) (w.e.f. 10-5-2022).

3 · Ins. by Act 10 of 2012, s. 2 (w.e.f. 1-2-2012).

4 · Subs. by Act 12 of 2022 , s. 40, for clause (i) (w.e.f. 10-5-2022).

5 · Ins. by Act 7 of 2006, s. 2 (w.e.f. 8-8-2006).

6 · Ins. by Act 12 of 2022, s. 40 (w.e.f. 10-5-2022).

7 · Subs. by Act 10 of 2012, s. 2 , for "cost and works accountancy" (w.e.f. 1-2-2012).

8 · Subs. by s. 2, ibid., for "certification of cost accounting and related statements or holds himself out to the public as a cost accountant in practice" (w.e.f. 1-2-2012).

3 · Incorporation of the Institute . — (1) All persons whose names are entered in the Register at the commencement of this Act and all persons who may hereafter have their names entered in the Register under the provisions of this Act, so long as they continue to have their names borne on the said Register, are hereby constituted a body corporate by the name of the 2 [Institute of Cost Accountants of India], and all such persons shall be known as members of the Institute.

4 · Entry of names in the 3 [Register of members] . — (1) Any of the following persons shall be entitled to have his name entered in the 3 [Register of members], namely:—

1 · The heading “AND WORKS” omitted by Act 12 of 2022, s. 41 (w.e.f. 10-5-2022).

2 · Subs. by Act 10 of 2012, s. 3, for “Institute of Cost and Works Accountants of India” (w.e.f. 1-2-2012).

3 · Subs. by Act 12 of 2022, s. 42, for “Register” (w.e.f. 10-5-2022).

4 · Subs. by s. 42, ibid., for “without India” (w.e.f. 10-5-2022).

2 · [(3) Every person belonging to any of the classes mentioned in clauses (ii), (iii), (iv) and (v) of subsection (1) shall have his name entered in the 1 [Register of members] on an application being made and granted in the prescribed manner and on payment of such fees, as may be determined, by notification, by the Council 3*** :

5 · Fellows and Associates . — (1) The members of the Institute shall be divided into two classes designated respectively as associates and fellows.

8 · [(4) A member, being an associate who has been in continuous practice in India for at least five years, whether before or after the commencement of this Act, or whether partly before and partly after the commencement of this Act, and a member who has been an associate for a continuous period of not less than five years and who possesses such qualifications as the Council may prescribe with a view to ensuring that he has experience equivalent to the experience normally acquired as a result of continuous practice for a period of five years as a cost accountant shall, on payment of such fees, as may be determined, by notification, by the Council, 9*** and on application made and granted in the prescribed manner, be entered in the Register as a fellow of the Institute:

1 · Subs. by Act 12 of 2022, s. 42, for “Register” (w.e.f. 10-5-2022).

2 · Subs. by Act 7 of 2006, s. 3, for sub-section (3) (w.e.f. 8-8-2006).

3 · The words “, which shall not exceed rupees three thousand” omitted by Act 12 of 2022, s. 42 (w.e.f. 10-5-2022).

4 · The proviso omitted by s. 42, ibid. (w.e.f. 10-5-2022).

5 · Subs. by s. 43 , ibid ., for "Register" (w.e.f. 10-5-2022).

6 · Subs. by Act 10 of 2012, s. 4, for “AICWA” (w.e.f. 1-2-2012).

7 · . Subs. by s. 4, ibid . , for "Institute of Cost and Works Accountants" (w.e.f. 1-2-2012).

8 · Subs. by Act 7 of 2006, s. 4, for sub-section (4) (w.e.f. 8-8-2006).

9 · The words "which shall not exceed rupees five thousand , " omitted by Act 12 of 2022, s. 43 (w.e.f. 10-5-2022).

10 · The proviso omitted by s. 43, ibid. (w.e.f. 10-5-2022).

11 · Subs. by Act 10 of 2012, s. 4, for “FICWA” (w.e.f. 1-2-2012).

6 · Certificate of practice . — (1) No member of the Institute shall be entitled to practise, whether in India or elsewhere, unless he has obtained from the Council a certificate of practice.

1 · [(2) Every such member shall make an application in such form, and pay such annual fee, for his certificate as may be determined, by notification, by the Council, 2*** and such fee shall be payable on or before the 1st day of April in each year:

4 · [Provided that] if a member of the Institute, who was in practice immediately before the commencement of this Act, has made within one month of such commencement an application for the grant of certificate of practice, he shall not be deemed to have contravened the provisions of sub-section (1) by reason of his having practiced during the period between such commencement and the disposal of the application];

5 · [(3) The certificate of practice obtained under sub-section (1) may be cancelled by the Council under such circumstances as may be prescribed.]

7 · Members to be known as cost accountants . — Every member of the Institute in practice shall, and any other member may, use the designation of a cost accountant and no member using such designation shall use any other description, whether in addition thereto or in substitution therefore:

8 · . Disabilities . —N —Notwithstanding anything contained in section 4, a person shall not be entitled to have his name entered in, or borne on, the 6 [Register of members] if he—

7 · [(iiia) is declared bankrupt under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);]

1 · Subs. by Act 7 of 2006, s. 5, for sub-section (2) (w.e.f. 8-8-2006).

2 · The words “which shall not exceed rupees three thousand” omitted by Act 12 of 2022, s. 44 (w.e.f. 10-5-2022).

3 · The proviso omitted by s. 44, ibid. (w.e.f. 10-5-2022).

4 · Subs. by s. 44, ibid., for “Provided further that” (w.e.f. 10-5-2022).

5 · Ins. by Act 7 of 2006, s. 5 (w.e.f. 8-8-2006).

6 · Subs. by Act 12 of 2022, s. 45, for “Register” (w.e.f. 10-5-2022).

7 · Ins. by s. 45, ibid. (w.e.f. 10-5-2022).

8 · Subs. by s. 45, ibid . , for "without India" (w.e.f. 10-5-2022).

9 · Constitution of the Council of the Institute . — (1) There shall be a Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it by or under this Act.

1 · [(2) The Council shall be composed of the following persons, namely:—

5 · [(3) No person holding a post under the Central Government or a State Government shall be eligible for election to the Council under clause (a) of sub-section (2).

8 · [10. Re-election or re-nomination to Council . — A member of the Council, elected or nominated under sub -section (2) of section 9, shall be eligible for re-election or as the case may be,re-nomination:

9 · [10A. Settlement of disputes regarding election . — In case of any dispute regarding any election under clause (a) of sub-section (2) of section 9, the aggrieved person may make an application within thirty days from the date of declaration of the result of election to the Secretary of the Institute, who shall forward the same to the Central Government.

10B · Establishment of Tribunal . — (1) On receipt of any application under section 10A, the Central Government shall, by notification, establish a Tribunal consisting of a Presiding Officer and two other Members to decide such dispute and the decision of such Tribunal shall be final.

1 · Subs. by Act 7 of 2006, s. 6, for sub-section (2) (w.e.f. 17-11-2006).

2 · Subs. by Act 12 of 2022, s. 46, for “Register” (w.e.f. 10-5-2022).

3 · Subs. by s. 46, ibid., for “three years” (w.e.f. 10-5-2022).

4 · Subs. by s. 46, ibid., for “six years” (w.e.f. 10-5-2022).

5 · Ins. by Act 7 of 2006 , s. 6 (w.e.f. 17-11-2006).

6 · Subs. by Act 12 of 2022, s. 46, for “person” (w.e.f. 10-5-2022).

7 · Subs. by s. 46, ibid., for “three years” (w.e.f. 10-5-2022).

8 · Subs. by Act 7 of 2006 , s. 7, for section 10 (w.e.f. 17-11-2006).

9 · Ins. by s. 8 , ibid . (w.e.f. 17-11-2006).

11 · Nomination in default of election . — If the members of the Institute fail to elect any member under clause (a) of sub-section (2) of section 9 from any of the regional constituencies that may be specified under that clause, the Central Government may nominate any duly qualified person from such constituency to fill the vacancy, and any person so nominated shall be deemed to be a duly elected member of the Council.

12 · President and Vice -president . — (1) The Council at its first meeting shall elect two of its members to be respectively the President and the Vice-President thereof, and so often as the office of the President or the Vice -President becomes vacant, the Council shall choose a person to be the President or the Vice -President, as the case may be:

3 · [(2A) The President shall preside at the meetings of the Council.

13 · Resignation of membership and casual vacancies . — (1) Any member of the Council may at any time resign his membership by writing under his hand addressed to the President, and the seat of such member shall become vacant when such resignation is notified in the Official Gazette.

1 · The proviso omitted by Act 12 of 2022, s. 47 (w.e.f. 10-5-2022).

2 · Subs. by Act 7 of 2006, s. 7, for “Chief Executive Authority” (w.e.f. 8-8-2006).

3 · Ins. by Act 12 of 2022, s. 47 (w.e.f. 10-5-2022).

4 · Ins. by Act 7 of 2006, s. 9 (w.e.f. 8-8-2006).

5 · Subs. by s. 9, ibid., for “the President” (w.e.f. 8-8-2006).

6 · Ins. by Act 7 of 2006 , s. 10, (w.e.f. 17-11-2006).

7 · Subs. by Act 12 of 2022, s. 48, for “Register” (w.e.f. 10-5-2022).

1 · [15A. Functions of Institute . — The functions of the Institute shall include —

2 · [(ca) the maintenance and publication of a Register of firms;]

15B · Imparting education by Universities and other bodies . — (1) Subject to the provisions of this Act, any University established by law or any body affiliated to the Institute, may impart education on the subjects covered by the academic courses of the Institute.

4 · [16. Officers and employees, salary, allowances, etc. — (1) For the efficient performance of its duties, the Council shall—

5 · [(c) prescribe the manner of appointment, powers, duties and functions of the Secretary and other officers and employees, their salaries, fees, allowances and other terms and conditions of service;]

1 · Ins. by Act 7 of 2006, s. 13 (w.e.f. 17-11-2006).

2 · Ins. by Act 12 of 2022, s. 50 (w.e.f. 10-5-2022).

3 · Subs. by s. 50, ibid., for “Register and the restoration to the Register of names” (w.e.f. 10-5-2022).

2 · Subs. by Act 7 of 2006, s. 14, for section 16 (w.e.f. 17-11-2006).

5 · Subs. by Act 12 of 2022, s. 51clause (ii), for clause (c) (w.e.f. 10-5-2022).

17 · Committees of the Council . — (1) The Council shall constitute from amongst its members of the following Standing Committees, namely: —

1 · [(ii) a Finance Committee; and];

2 · [(3) Each of the Standing Committees shall consist of the President and the Vice-President ex officio , and minimum of three and maximum of five members to be elected by the Council from amongst its members];

18 · Finances of the Council . — (1) There shall be established a fund under the management and control of the Council into which shall be paid all moneys received by the Council and out of which shall be met all expenses and liabilities properly incurred by the Council.

5 · [(3) The Council shall keep proper accounts of the fund distinguishing capital from revenue in the manner prescribed.

6 · [(5)The annual accounts of the Council shall be prepared in such manner as may be prescribed and subject to audit by a firm of chartered accountants to be appointed annually by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India:

1 · Subs. by Act 7 of 2006, s. 15, for clause (ii) (w.e.f. 17-11-2006).

2 · Subs. by s. 15,ibid ., for sub -section (3) (w.e.f. 17-11-2006).

3 · . Sub -sections (4) and (5) omitted by s. 15, ibid. (w.e.f. 17-11-2006).

4 · Subs. by s. 15, ibid., for “two-thirds of total membership of the Committee” (w.e.f. 17-11-2006).

5 · Subs. by s. 16, ibid., for sub-sections (3), (4) and (5) (w.e.f. 17-11-2006).

6 · Subs. by Act 12 of 2022, s. 52, for sub-section (5) (w.e.f. 10-5-2022).

1 · [(5A) As soon as may be practicable at the end of each year, the Council shall circulate the audited accounts to its members at least fifteen days in advance and consider and approve these accounts in a special meeting convened for the purpose.

19 · 2 [Register of members] . — 3 [(1) The Council shall maintain a Register of members of the Institute in such manner as may be prescribed.]

4 · [(ca) whether any actionable information or complaint is pending or any penalty has been imposed against him under Chapter V, including details thereof, if any;]

6 · [(4) Every member of the Institute shall, on his name being entered in the 2 [Register of members] , pay such annual membership fee as may be determined, by notification, by the Council 7*** :

20 · Removal from the 9 [Register of members] . — (1) The Council may remove from the 9 [Register of members] the name of any member of the Institute,—

1 · Ins. by Act 7 of 2006, s. 16 (w.e.f. 17-11-2006).

2 · Subs. by Act 12 of 2022, s. 53, for “Register” (w.e.f. 10-5-2022).

3 · Subs. by s. 53, ibid., for sub-section (1) (w.e.f. 10-5-2022).

4 · Ins. by s. 53, ibid. (w.e.f. 10-5-2022).

5 · Ins. by Act 7 of 2006, s. 17 (w.e.f. 17-11-20006).

6 · Subs. by s. 17, ibid., for sub-section (4) (w.e.f. 17-11-2006).

7 · The words “, which shall not exceed rupees five thousand” omitted by Act 12 of 2022, s. 53 (w.e.f. 10-5-2022).

8 · The proviso omitted by s. 53, ibid. (w.e.f. 10-5-2022).

9 · Subs. by s. 54, ibid., for “Register” (w.e.f. 10-5-2022).

2 · [(3) If the name of any member has been removed from the Register under clause (c) of sub-section (1), on receipt of an application, his name may be entered again in the Register on payment of the arrears of annual fee and entrance fee along with such additional fee, as may be determined, by notification, by the Council 3*** :

5 · [21. Disciplinary Directorate . — (1) The Council shall, by notification, establish a Disciplinary Directorate headed by an officer of the Institute designated as Director (Discipline) and such other employees for making investigations in respect of any information or complaint received by it.

6 · [21A. Board of Discipline . — (1) The Council shall constitute a Board of Discipline consisting of—

1 · Subs. by Act 12 of 2022, s. 54, for “Register” (w.e.f. 10-5-2022).

2 · Ins. by Act 7 of 2006, s. 18 (w.e.f. 17-11-2006).

3 · The words “which shall not exceed rupees two thousand” omitted by Act 12 of 2022, s. 54 (w.e.f. 10-5-2022).

4 · The proviso omitted by s. 54 , ibid. (w.e.f. 10-5-2022).

5 · Subs. by Act 7 of 2006, s. 19 , for section 21 (w.e.f. 17-11-2006).

6 · Ins. by s. 20, ibid. (w.e.f. 17-11-2006).

21B · Disciplinary Committee . — (1) The Council shall constitute a Disciplinary Committee consisting of the President or the Vice-President of the Council as the Presiding Officer and two members to be elected from amongst the members of the Council and two members to be nominated by the Central Government from amongst the persons of eminence having experience in the field of law, economics, business, finance or accountancy:

21C · Authority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court . — For the purposes of an inquiry under the provisions of this Act, the Authority, the Disciplinary Committee, Board of Discipline and the Director (Discipline) shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908(5 of 1908), in respect of the following matters, namely: —

1 · The Explanation omitted by Act 12 of 2022, s. 59 (w.e.f. 10-5-2022).

1 · [22. Professional or other misconduct defined . —F —For the purposes of this Act, the expression " professional or other misconduct " shall be deemed to include any act or omission provided in any of the Schedules but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Director (Discipline) under sub-section (1) of section 21 to inquire into the conduct of any member of the Institute under any other circumstances.]

2 · [22A. Constitution of Appellate Authority . — The Appellate Authority constituted under subsection (1) of section 22A of the Chartered Accountants Act, 1949(38 of 1949), shall be deemed to be the Appellate Authority for the purposes of this Act subject to the modification that for clause (b) of said subsection (1), the following clause had been substituted, namely: —

22B · Term of office of members of Authority . — A person appointed as a member shall hold office for a term of three years from the date on which he enters upon his office or until he attains the age of sixty-two years, whichever is earlier.

22C · Procedure, etc., of Authority . — The provisions of section 22C, section 22D and section 22F of the Chartered Accountants Act, 1949(38 of 1949) shall apply to the Authority in relation to allowances and terms and conditions of service of its Chairperson and members and in the discharge of its functions under this Act as they apply to it in the discharge of its functions under the Chartered Accountants Act, 1949.

22D · Officers and other staff of Authority . — (1) The Council shall make available to the Authority such officers and other staff members as may be necessary for the efficient performance of the functions of the Authority.

22E · Appeal to Authority . — (1) Any member of the Institute aggrieved by any order of the Board of Discipline or the Disciplinary Committee imposing on him any of the penalties referred to in sub-section (3) of section 21A and sub-section (3) of section 21B, may within ninety days from the date on which the order is communicated to him, prefer an appeal to the Authority:

1 · Subs. by Act 7 of 2006, s. 21, for section 22 (w.e.f. 17-11-2006).

2 · Ins. by s. 22 , ibid . (w.e.f. 17-11-2006).

3 · Subs. by s. 5, ibid ., for "Institute of Cost and Works Accountants of India" (w.e.f. 17-11-2006).

23 · Constitution and functions of Regional Councils . — (1) For the purpose of advising and assisting it on matters concerning its functions, the Council may constitute such Regional Councils as and when it deems fit for one or more of the regional constituencies that may be specified by the Central Government under clause (a) of sub-section (2) of section 9.

24 · Penalty for falsely claiming to be a member, etc . —A —Any person who, —

25 · Penalty for using name of the Council, awarding degrees of cost accountancy, etc . — (1) Save as otherwise provided in this Act, no person shall,—

1 · Subs. by Act 12 of 2022, s. 63, for “one thousand rupees” (w.e.f. 10-5-2022).

2 · Subs. by s. 63, ibid., for “five thousand rupees” (w.e.f. 10-5-2022).

3 · . Subs. by Act 10 of 2012, s. 6, for "cost and works accountants" (w.e.f. 1-2-2012).

4 · Subs. by Act 12 of 2022, s. 64, for "be punishable on first conviction with fine which may extend to one thousand rupees" (w.e.f. 10-5-2022).

5 · Subs. by s. 64, ibid., for “six months, or with fine which may extend to five thousand rupees” (w.e.f. 10-5-2022).

6 · Sub -section (3) omitted by Act 7 of 2006, s. 23 (w.e.f. 8-8-2006).

26 · Companies not to engage in cost accountancy . — (1) No company, whether incorporated in India or elsewhere, shall practice as cost accountants.

1 · [Explanation.—For the removal of doubts, it is hereby declared that the " company " shall include any limited liability partnership which has company as its partner for the purposes of this section.]

2 · [(2) If any company contravenes the provisions of sub-section (1), then every director, manager, Secretary and any other officer who is knowingly a party to such contravention shall be punished on first conviction with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees, and on any subsequent conviction, with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees . ]

27 · Unqualified persons not to sign documents . — (1) No person other than a member of the Institute shall sign any document on behalf of cost accountant in practice or a firm of such cost accountants in his or its professional capacity .

3 · [(2) Any person who contravenes the provisions of sub-section (1) shall, without prejudice to any other proceedings which may be taken against him, be punishable on first conviction with a fine not less than 4 [one lakh rupees] but which may extend to 5 [five lakh rupees], and in the event of a second or subsequent conviction with imprisonment for a term which may extend to one year or with a fine not less than 6 [two lakh rupees] but which may extend to 7 [ten lakh rupees] or with both.]

28 · Offences by companies . — (1) If the person committing an offence under this Act is a company, the company as well as every person in charge of, and responsible to, the company for the conduct of its business at the time of the commission of the offence shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:

29 · Sanction to prosecute . —N —No person shall be prosecuted under this Act except on a complaint made by or under the order of the Council or of the Central Government.

1 · Ins. by Act 10 of 2012, s. 7 (w.e.f. 1-2-2012).

2 · Subs. by Act 12 of 2022, s. 65, for sub-section (2) (w.e.f. 10-5-2022).

3 · Subs. by Act 7 of 2006, s. 24, for sub-section (2) (w.e.f. 17-11-2006).

4 · Subs. by Act 12 of 2022, s. 66, for “five thousand rupees” (w.e.f. 10-5-2022).

5 · Subs. by s. 66, ibid., for “ one lakh rupees” (w.e.f. 10-5-2022).

6 · Subs. by s. 66, ibid., for “ten thousand rupees” (w.e.f. 10-5-2022).

7 · Subs. by s. 66, ibid., for “ two lakh rupees” (w.e.f. 10-5-2022).

1 · [CHAPTER VIIA

29A · Establishment of Quality Review Board . — (1) The Central Government shall, by notification, constitute a Quality Review Board consisting of a Chairperson and four other members.

29B · Functions of Board . — The Board shall perform the following functions, namely:—

2 · [(d) to forward cases of non-compliance with various statutory and regulatory requirements by the members of the Institute or firms noticed by it during the course of its review, to the Disciplinary Directorate for its examination.]

29C · Procedure of Board . — The Board shall meet at such time and place and follow in its meetings such procedure as may be specified.

29D · Terms and conditions of service of Chairperson and members of Board and its expenditure . — (1) The terms and conditions of service of the Chairperson and the members of the Board, and their allowances shall be such as may be specified.

30 · Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act, 1956 . — On the commencement of this Act, —

31 · Transfer of assets and liabilities of the dissolved company to the Institute . — (1) On the commencement of this Act, there shall be transferred to and vested in the Institute all the assets and liabilities of the dissolved company.

1 · Ins. by Act 7 of 2006, s. 25 (w.e.f. 17-11-2006).

2 · Ins. by Act 12 of 2022, s. 67 (w.e.f. 10-5-2022).

32 · Provisions respecting employees of the dissolved company . — (1) Every person employed in the dissolved company prior to the 1st day of September, 1958, and still in its employment immediately before the commencement of this Act shall, as from such commencement, become an employee of the Institute, shall hold his office or service therein by the same tenure and upon the same terms and conditions and with the same rights and privileges as to pension and gratuity as he would have held the same under the dissolved company if this Act had not been passed, and shall continue to do so unless and until his employment in the Institute is terminated or until his remuneration, terms and conditions of employment are duly altered by the Institute.

33 · [Appeals.] Omitted by Cost and Works (Amendment) Act, 2006 (7 of 2006), s. 26 (w.e.f. 17-11-2006).

1 · [34. Coordination Committee . — The Coordination Committee constituted under section 9A of the Chartered Accountants Act, 1949 (38 of 1949), shall be deemed to be the Coordination Committee for the purposes of this Act . ]

35 · Directions of the Central Government . — (1) The Central Government may from time to time issue such directions to the Council as in the opinion of the Central Government are conducive to the fulfilment of the objects of this Act and in the discharge of its functions, the Council shall be bound to carry out any such directions.

1 · Subs. by Act 12 of 2022, s. 68, for section 34 (w.e.f. 10-5-2022).

1 · [36. Protection of action taken in good faith . —N —No suit, prosecution or other legal proceeding shall lie against the Central Government or the Council or the Authority or the Disciplinary Committee or the Tribunal or the Board or the Board of Discipline or the Disciplinary Directorate or any officer of that Government, Council, Authority, Disciplinary Committee, Tribunal, Board, Board of Discipline or the Disciplinary Directorate, for anything which is in good faith done or intended to be done under this Act or any rule, regulation, notification, direction or order made thereunder.]

2 · [36A. Members, etc., to be public servants . — The Chairperson, Presiding Officer, members and other officers and employees of the Authority, Disciplinary Committee, Tribunal, Board, Board of Discipline or the Disciplinary Directorate shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code(45 of 1860).]

37 · Maintenance of branch offices . — (1) Where a cost accountant in practice or a firm of such cost accountants has more than one office in India, each one of such offices shall be in the separate charge of a member of the Institute:

38 · . Reciprocity . — (1) Where any country, specified by the Central Government in this behalf by notification in the Official Gazette, prevents persons of Indian domicile from becoming members of any institution similar to the Institute established under this Act or from practicing the profession of costs accountancy or subject them to unfair discrimination in that country, no subject of any such country shall be entitled to become a member of the Institute or practice the profession of cost accountancy, in India.

4 · [38A. Power of Central Government to make rules . — (1) The Central Government may, by notification, make rules to carry out the provisions of this Act.

5 · [(c) the form and fee for filing an information or a complaint under sub-section (1), the manner of deciding a complaint or information as actionable or non-actionable under sub-section (2) and the procedure of investigation under sub-section (7) , of section 21;

1 · Subs. by Act 7 of 2006, s. 27, for section 36 (w.e.f. 17-11-2006).

2 · Ins. by s. 28, ibid. (w.e.f. 17-11-2006).

3 · Subs. by Act 12 of 2022, s. 69, for “Register” (w.e.f. 10-5-2022).

4 · Ins. by Act 7 of 2006, s. 29 (w.e.f. 17-11-2006).

5 · Subs. by Act 12 of 2022, s. 70, for clauses (c) and (d) (w.e.f. 10-5-2022).

39 · Power to make regulations . — (1) The Council may, by notification in the Gazette of India, make regulations for the purpose of carrying out the objects of this Act, 1 ***.

6 · [(s) the circumstances under which certificates of practice may be cancelled under sub -section (3) of section 6;

1 · The words "and a copy of such regulations shall be sent to each member of the Institute" omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).

2 · Subs. by Act 12 of 2022, s. 71, for “Register” (w.e.f. 10-5-2022).

3 · Clause (h) omitted by s. 71, ibid. (w.e.f. 10-5-2022).

4 · . Clause (j) omitted by s. 71, ibid. (w.e.f. 10-5-2022).

5 · Subs. by s. 71, ibid., for “members of” (w.e.f. 10-5-2022).

6 · Subs. by s. 71, ibid., for clause (s) (w.e.f. 10-5-2022).

2 · [40. Rules, regulations and notifications to laid before Parliament . — Every rule and every regulation made and every notification issued under this Act shall be laid, as soon as may be after it is made or issued, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule, regulation or notification, or both Houses agree that the rule, regulation or notification should not be made or issued, the rule, regulation or notification shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such

1 · Clause (t) omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).

2 · Ins. by s. 31, ibid. (w.e.f. 17-11-2006).

1 · Subs. by Act 10 of 2012, s. 8, for “Institute of Cost Accountants of India” (w.e.f. 17-11-2006).

Subordinates (38)

No. 52/826/81-CAB Government of India

Type: circulars · UID: 00c053fc9532a7affa01f4a0c11a242f396fdc2e · PDF: yes · Text: yes · Rule index: yes

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store? Tio 370 Set 33004/99

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The President, 12, Sudder Street, Kolkata - 700 016

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rfnZ} & &<a-33004/99

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THE COST AND WORKS ACCOUNTANTS PROCEDURE OF MEETING OF QUALITY REVIEW BOARD AND TERMS AND CONDITIONS OF SERVICES AND ALLOWANCES OF THE CHAIR

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THE COST AND WORKS ACCOUNTANTS

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No. 17/71/2011 ‐ CL V

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THE COST AND WORKS ACCOUNTANTS

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(Hie (Baxette of iJndia

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General Circular No. 10/2011

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THE GAZETTE OF INDIA EXTRAORDINARY

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7fjz w 37v V - 33004/99

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^feft , 17^^R , 2006

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THE COST AND WORKS ACCOUNTANTS

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M MA/MTMT (' INIMA #TRAORIMNARY

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MINISTRY OF CORPORATE AFFAIRS

Type: 54e8ad07eee05ed5482ab81595dce415a669a0d9 · UID: 6d23d0f5c0cd1e6f97fa57e57922e0614dd5281d · PDF: yes · Text: yes · Rule index: yes

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THE COST AND WORKS ACCOUNTANTS (NOMINATION OF MEMBERS TO THE COUNCIL) RULES, 2006

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THE COST AND WORKS ACCOUNTANTS PROCEDURE OF MEETING OF QUALITY REVIEW BOARD AND TERMS AND CONDITIONS OF SERVICES AND ALLOWANCES OF THE CHAIR

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7iiet1 3t 1co-33004/99

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THE COST AND WORKS ACCOUNTANTS PROCEDURE OF MEETING OF QUALITY REVIEW BOARD AND TERMS AND CONDITIONS OF SERVICES AND ALLOWANCES OF THE CHAIR

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#fori} , 27 vxard , 2007

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Comm Far HL INstTss

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THE COST AND WORKS ACCOUNTANTS REGULATIONS, 1959 (as amended upto 12-11-2014)

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THE COST AND WORKS ACCOUNTANTS (ELECTION TRIBUNAL) RULES, 2006 (as amended in 2011)

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The Secretary, I.C.W.A., Calcutta

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Sir, f n connection with the recently issued cireulars/notlficatlons concerning cost accounting records and cost audlt, following clarificat

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tnzt & ztTcP-33004/99

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THE COST AND WORKS ACCOUNTANTS (PROCEDURE OF INVESTIGATIONS OF PROFESSIONAL AND OTHER MISCONDUCT AND CONDUCT OF CASES) RULES; 2007 (as amend

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ICAI, New Delhi.

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rfanzi '%o "gto Rco-33004/99

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7rzi @ g Qrv 33004/99

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MINIS I i n < )l ( ()KI'< >RATE AFFAIRS

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Tin4 w 3167o-33004/99

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General Circular Nq_68/2011 52/13/CAB-2011 Government of Indla Ministry of Corporate Affairs Cost Audit Branch ***** 'B-1' Wing, 2nd Floor,

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5%o 3o_Yo-33004/9Q

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General Circular Nq62/2011 52/13/CAB-2011 Government of India Ministry of Corporate Affalrs Cost Audit Branch ***** 'B-1' Wing, 2nd Floor, P

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HRd < YI6W Whe Gazette of Tndia eM TTRAORDINARI 4M IFI Lj-&ure iii FAKTM_Scction LSuh-section (f) Mfuran 9 Tn6 FUBLISIIED AUTHOKITY 7 1" 1 f

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THE COST AND WORKS ACCOUNTANTS PROCEDURE OF MEETING OF QUALITY REVIEW BOARD AND TERMS AND CONDITIONS OF SERVICES AND ALLOWANCES OF THE CHAIR

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