Paramita (Tib. ཕ་རོལ་ཏུ་ཕྱིན་པ་, Wyl. pha rol tu phyin pa) translated as 'transcendental perfection', literally means to go (ita) to the other side (param) or to transcend. By practicing them we can overcome our destructive emotions, transcend the notion of samsara and see the true nature of things.
All the many aspects of the bodhisattva path can be summarized in two aspects: the motivation (generating the attitude of bodhichitta) and the application (the practice of the paramitas). Generally it is said that there are six paramitas, and sometimes ten paramitas. For any of those six or ten to count as “paramitas” they have to be performed with the realization that subject, object and activity, are devoid of true existence.