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Payment is the transfer of money in exchange for some goods or services rendered, and is usually agreed upon by both parties prior to the exchange. If the arrangement is on-going, the payment is often a matter of contractual agreement. An honorarium is usually a gift in the form of money, often for a one-time service of some kind. In the case of honoraria the nature of the thing rendered is such that fixing a fee for it seems vulgar or otherwise inappropriate.
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What is the difference between gross payment and net payment?
Gross = Before TaxesNet= After Taxes
What is the difference between a credit memorandum and a debit memorandum?
A Debit Memo is a over payment A Credit Memo is a over payment
Is service tax is applicable on honorarium?
Honorarium is paid voluntarily by an organisation which has received some knowledge, article, examination answer books from specialists or experts in different fields as a token of recognition. Compared with professional fees for services rendered under agreed contracts, honorarium is a one-sided act and hence there isn't any service element. hence honorarium is not liable for service tax payment by the recepient of the amount or by the payer. However, professional fee earned is liable for service tax in the hands of the recepient.
What is the difference between cash payment and cash receipt?
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What is the difference between a purchase and a payment on a credit card statement?
A purchase would be buying something. A payment would be a payment on the card itself, towards the balance of the available credit.
