15th October 2024, Kathmandu
NIC Asia Bank, known for its dynamic banking services to millions of customers, has requested all account holders to update their Permanent Account Number (PAN) in their bank accounts.
Update Your PAN Now
As per the “Income Tax Act 2058,” the details of the tax deducted from customers’ accounts must be linked to the PAN system issued by the Inland Revenue Department under the Ministry of Finance, Government of Nepal.
Customers can easily update their PAN by visiting the bank’s portal at panupdate.nicasiabank.com or through the mobile banking app (NIC ASIA MoBank), where the “PAN Update” option is available. Additionally, customers can also update their PAN by visiting any branch of NIC Asia Bank for assistance.
The PAN is crucial for recording the tax deducted on depositors’ interest payments in the E-TDS (Electronic Tax Deduction Source) record.
Once the PAN is updated, the system will automatically match the tax deduction details with Schedule 10, making it easier for customers to obtain tax deduction and tax clearance certificates without having to visit the bank. NIC Asia Bank believes that this will streamline the process and provide convenience to customers.
However, the bank has made it clear that if the PAN is not updated, and as a result, the interest tax is not recorded in E-TDS, the bank will not be responsible for any adjustments in the interest tax afterward.
Customers who have previously provided their PAN but have not seen their tax details updated are encouraged to contact the nearest branch or the customer service center at 1660-01-77771 or 01-5970101.
For more: Update Your PAN Now