Financial Glossary: Domicile


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Domicile

Domicile

The country or place of a person's permanent home, which may differ from that person's nationality or place of residence.

Domicile, which is important for taxation purposes and the application of certain financial regulations, is determined both by the physical fact of residence and the firm intention of staying there.

A Domicile/Residence Certificate is generally issued to prove that the person bearing the Certificate is a Domicile/Resident of the State/UT by which the Certificate is being issued. This Certificate is required as proof of residence to avail Domicile/Resident Quotas in educational institutions and in the Government Service, as also in case of jobs where Local residents are preferred. Domicile Certificate can be made only in one State/UT. Obtaining Domicile Certificate from more than one State/UT is an offence.

Posted by Kaishen AG

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