9th April 2025, Kathmandu
NIC Asia Bank has asked its customers to update their Permanent Account Number (PAN) in their accounts. This is necessary to ensure tax deductions are properly recorded, following Nepal’s Income Tax Act 2058. Customers can update their PAN to ensure their accounts are linked to the government’s tax system.
NIC Asia Mandatory PAN Update
To make this process easier, the bank has provided multiple options for customers to update their PAN. Customers can use the bank’s online portal at panupdate.nicasiabank.com or the mobile banking app (NIC Asia Mobank) to update their PAN details. Additionally, customers can visit any NIC Asia branch to apply for the update in person.
Why PAN Update is Important
Updating the PAN is important for Electronic Tax Deduction at Source (ETDS) records. Customers who receive interest payments from their deposits need to ensure their PAN is updated to meet the necessary tax requirements. The bank emphasized that accurate PAN information will streamline the tax reporting process.
Streamlined Tax Documentation Process
The bank also highlighted that updating PAN details will make it easier for customers to obtain tax certificates. Once updated, tax records will automatically be matched with Schedule 10 in the government’s tax system. This means customers will no longer need to visit the bank to collect their tax certificates, as they will be available digitally. The goal is to eliminate unnecessary visits and simplify the documentation process for customers.
Bank’s Responsibility for PAN Updates
NIC Asia Bank clarified that if customers fail to update their PAN, the bank will not be responsible for discrepancies in tax records or the need for future adjustments. The bank strongly urged customers to update their PANs as soon as possible to avoid issues with tax filings.
The Importance of PAN for Tax Reporting
The PAN update is particularly crucial for customers who receive interest payments on deposits, as the PAN is required for reporting tax details to the VAT portal. Once the PAN is updated, the tax records will be automatically aligned with the government system, allowing for seamless tax certification. The bank assures customers that this update will simplify their tax-related paperwork.
Easy Access to Tax Certificates
Updating the PAN will also make it easier for customers to access tax certificates. This update ensures that ETDS records are properly linked to the PAN, making tax documentation more accessible and efficient. The bank expects that this new system will eliminate the need for customers to physically visit the bank to obtain tax certificates.
Conclusion: A Smooth and Efficient Process
NIC Asia Bank has made it clear that updating the PAN is essential for maintaining accurate tax records. Customers can easily update their PAN through the bank’s mobile app, online portal, or by visiting any branch. The bank hopes this change will simplify the tax process and improve customer experience. By ensuring that PAN details are up-to-date, customers will have smoother access to tax certificates and avoid potential issues with their tax filings.
For more: NIC Asia Mandatory PAN Update