What does remitted mean for 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.

What does it mean if a payment was remitted?

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 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.

Has remitted meaning?

adjective. (of money) having been sent or transmitted to a person or place, usually as payment:Any remitted money must be in U.S. currency. (of a debt, offense, etc.)

Does remitted mean forgiven?

to pardon or forgive (a sin, offense, etc.). to slacken; abate; relax: to remit watchfulness.

What is remittance for BACS payment?

Simply put, Bacs remittance advice is a remittance advice slip for a Bacs payment. If you receive a Bacs payment remittance advice letter, it’s an indication that a payment has been made to your account. If you check your bank account, you should see a new payment in your account.

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 does it mean when a PPP loan is remitted?

If the amount remitted by SBA to the PPP lender exceeds the remaining principal balance of the PPP loan (because the borrower made a payment on the loan), the PPP lender must remit the excess amount, including accrued interest paid by the borrower, to the borrower.

What does remitted mean for PPP?

As authorized by Section 1106 of the CARES Act, SBA has remitted to the Lender of Record the payment listed above for forgiveness of the Borrower’s Paycheck Protection Program (PPP) loan. Your PPP loan with the SBA is now paid in full (including applicable interest).

Is remittance same as bank transfer?

What is the Difference Between a Bank Remittance and a Bank Transfer? A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts.