Balancing payment

Tax Glossary Definition

Balancing payment

Balancing Payment – A supplementary amount paid to align the final value of a transaction or settlement, ensuring both parties receive equitable consideration. Such payments typically arise in mergers, contractual settlements, or tax computations to adjust the difference between provisional and actual amounts.

Example: When advance tax paid is less than the assessed liability, the taxpayer remits the difference as a balancing payment to complete the obligation.

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