What is remitted cash?
The term ‘remittance’ derives from the word ‘remit’, which means ‘to send back’. Remittance refers to an amount of money transferred or sent from one party to another, usually overseas. Remittances can be personal money transfers made to family and friends, as well as business payments.
What does amount remitted mean?
Michael Smith, Certified Financial Planner That’s the amount paid. If it’s amount remitted – that’s usually talking about how much you’ve already paid, like in tax withholding. If it’s amount “to be” remitted, then it’s how much you owe. The key is figuring out if it’s what’s already been paid or what needs to be paid.
What do you mean by remitted?
1a : to abate in force or intensity : moderate. b : to abate symptoms (as of a disease) for a period. 2 : to send money (as in payment) remit.
Does remittance mean payment?
A remittance is a payment of money that is transferred to another party. Broadly speaking, any payment of an invoice or a bill can be called a remittance. The term is derived from the word remit, which means to send back.
What is the purpose of remittance?
Many people use remittance as a means to send money back to their home country to provide financial support. Remittances are also used to aid developing countries and make up a portion of the gross domestic product (GDP).
Does remitted mean paid?
remit Add to list Share. Remit means send back, and it has many uses. If you remit payment, you send it back to the person you owe it to. If you’ve been in prison for five years of a seven-year sentence but you’ve been on good behavior, a judge might remit the remainder of your sentence and let you go free.
Does remitted mean forgiven?
Remit is defined as to forgive or to send a payment.
How is remittance different from payment?
The term ‘remittance’ is derived from ‘remit’, meaning ‘to send back’. A bank remittance refers to the funds sent or transferred to another entity or account as payment for services or a product. Remittances can also be personal money transfers made to family and friends overseas and any sort of business payments.
What is the difference between remittance and payment?
A bank remittance is a funds transfer from one bank account to another as a gift or payment. Remittances are used to pay bills or invoices and are sent via an electronic payment system, wire transfer, mail, draft, or check.
What does not remitted mean?
Failure to pay an amount of money that is owed. ‘non-remittance of taxes’
What does it mean to remit taxes?
Remit means send back, and it has many uses. If you remit payment, you send it back to the person you owe it to.