What does it mean if something is remitted?
: to send (money) as a payment. : to cancel or free someone from (a punishment, debt, etc.) remit.
What does payment remittance mean?
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 does it mean to remit fees?
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.
What is the difference between payment and remittance?
The difference between a remittance and a payment is, in most cases, a matter of whether money is travelling overseas. The word, “remittance”, comes from the verb, “to remit”, or to send back. So, whilst all remittances are payments, not all payments are necessarily remittances.
Does remitted mean forgiven?
To forgive, pardon.
Does remit mean responsibility?
As nouns the difference between responsibility and remit is that responsibility is the state of being responsible, accountable, or answerable while remit is (chiefly|british) terms of reference; set of responsibilities.
What is remitted amount?
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 is amount remitted?
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 does remittance mean on tax return?
A district court held that an estate’s remittance to the IRS was a tax payment rather than a deposit. A taxpayer can request the return of all or part of a deposit at any time before the deposit has been used by the IRS as payment of a tax.
What does it mean to remit a case?
Definition of remit to : to send (something, such as a dispute or a court case) to an authority that can make a decision about it The case was remitted to the state court.
Does remitted mean paid?
Remitted is defined as to have made a payment, to put back or lessened. An example of remitted is to have sent in a check to pay a bill.
What does remitted payment mean?
Remitted is defined as to have made a payment, to put back or lessened. An example of remitted is to have sent in a check to pay a bill. An example of remitted is to have been sent back to state prison. An example of remitted is to reduce a fine.
What does “amount remitted” mean?
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 does it mean to remit payment?
Remit payment at once.” “Remit” is a verb that can mean “transmit money, for instance by post”. Accountants use it to mean that. A request to ‘remit payment’ is a reminder that you need to pay that bill and send money to the person or company to which you owe money.
What does remitting mean?
remitting bank. verb. a bank into which a person has deposited a cheque, and which has the duty to collect the money from the account of the writer of the cheque.