What does no remittance mean?

What does no remittance mean?

noun. mass noun. Failure to pay an amount of money that is owed. ‘non-remittance of taxes’

What is remittance no?

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. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to his or her family back home.

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 is remittance for payment?

A Remittance is a transfer of funds to another bank account, sent as a payment or a gift. A remittance refers to a money transfer that is sent as a payment or gift to another party. You may send a payment remittance to meet a bill or invoice obligation.

What does remittance mean in banking?

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 remittance mean on an invoice?

Deriving from the term ‘remit’ (meaning “to send back”), remittance refers to a sum of money that is sent back or transferred to another party. It covers virtually any payment, from bills to invoices, and is typically used with overseas payments – when one party is based in another country.

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).

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 problem of remittance?

Remittance has always been a painful process for users because of it’s high fees and slow processing. The problems with the current remittance industry is not because they are greedy but because of the way it needs to operate.

What does payment remittance mean?

A payment remittance is just another term for sending money for a payment. For example, if you own a business in the US and buy wholesale products from China, you’d pay for your orders by sending a payment remittance to the Chinese supplier.

What does remittance address mean?

A remittance address, which can also be called a remit to address or remit address, is just a specific address that an individual or a business uses to receive payments.

What is the meaning of remittance advice?

Remittance Advice (RA) is a document that a buyer sends to a seller conveying that an invoice is paid. Although, not mandatory, the buyer often sends it as a gesture of goodwill. They serve as a proof of payment, and thus, are equivalent to a cash register receipt. One can issue it in the form of paper or in electronic form.