8th April 2025, Kathmandu
NIC Asia Bank has urged its customers to update their Permanent Account Number (PAN) in their accounts. This update is necessary to comply with the Income Tax Act 2058 and the regulations from the Ministry of Finance, Government of Nepal.
Update PAN NIC Asia Nepal
The update will ensure accurate tax deductions and proper reporting in the system.
Easy Ways to Update PAN
NIC Asia Bank has provided several convenient methods for customers to update their PAN. The update can be done through the bank’s online portal at panupdate.nicasiabank.com. Additionally, customers can use the NIC Asia MoBank mobile banking app by selecting the “PAN Update” option.
For those who prefer face-to-face interaction, customers can visit any NIC Asia branch and update their PAN there. The bank has made this process simple to ensure that customers can update their PAN with ease, whether online or in person.
Why Updating PAN is Crucial
Updating the PAN is essential for tax purposes, especially for reporting interest deductions made to depositors. Once the PAN is updated, the bank will enter the tax details into the E-TDS system. This will automatically match the tax details with Schedule 10 in the Income Tax system, reducing the need for manual intervention.
This automatic update process helps customers receive tax certificates without visiting the bank. The update ensures that tax records are accurate and compliant with government regulations.
Potential Issues with Delays
If customers fail to update their PAN, there could be issues with their E-TDS records. In such cases, customers may have to adjust their interest tax manually. The bank will not be responsible for any errors or discrepancies arising from unupdated PANs. Therefore, the bank emphasizes the importance of updating the PAN on time to avoid such complications.
Support for Customers
Customers who have already submitted their PAN but are not seeing the updated tax details can reach out for assistance. They can contact the nearest NIC Asia branch or call the Customer Contact Center at 1660-01-77771 or 01-5970101 for help. The customer support team will assist in resolving any issues and ensure that PAN details are correctly reflected in the system.
Benefits of Updating PAN
Timely updating of PAN not only helps in maintaining compliance but also simplifies the tax filing process. Once the PAN is updated, the system will automatically process tax details, making it easier for customers to obtain their tax certificates. This eliminates the need for customers to visit the bank, saving time and effort.
Moreover, an updated PAN ensures that interest tax deductions are accurately reflected in the E-TDS system, making tax filing seamless. It also helps avoid any further adjustments or complications with tax reporting.
Conclusion
To sum up, NIC Asia Bank has made updating the PAN a simple and convenient process. The bank offers multiple platforms for customers to update their PAN, whether online or in person. The bank strongly encourages all customers to update their PAN promptly to comply with tax regulations and avoid any issues with their tax records.
Customers who need assistance can contact the customer service team or visit any NIC Asia branch. By taking this step, customers will benefit from a smoother, more efficient banking experience.
For more: Update PAN NIC Asia Nepal