Urgent PAN Update NIC Asia Bank Nepal: Avoid Interest Tax Adjustment Issues & Penalties
15th May 2025, Kathmandu
NIC Asia Bank has called on all its customers to update their Permanent Account Number (PAN) details linked to their bank accounts. This update is essential to meet the requirements of Nepal’s Income Tax Act, 2058. The bank has stressed the importance of this process to avoid any complications with tax deductions.
Urgent PAN Update NIC Asia
Why PAN Update Is Important
According to NIC Asia Bank, linking customers’ tax deduction records with the Inland Revenue Department’s PAN system has become mandatory. This step ensures that the tax deducted from customers’ accounts aligns with the government’s records. Without this link, tax deduction certificates and clearance certificates may not be issued properly.
Simple and Accessible PAN Update Options
Customers can update their PAN in multiple ways. First, the bank’s website and mobile banking app feature a user-friendly “PAN Update” option. Customers only need to tap on it and enter their PAN information.
Second, for those who prefer offline methods, any branch of NIC Asia Bank across Nepal accepts PAN update applications. Customers must bring the necessary documents to the branch to complete the update process.
Benefits of Updating PAN Promptly
Once customers update their PAN, their tax deduction details will automatically sync with the Inland Revenue Department’s system. This automatic integration simplifies the process of obtaining tax deduction certificates and tax clearance certificates.
Moreover, customers no longer need to visit the bank in person to get these certificates. This saves time and effort, reducing hassles related to tax documentation.
Risks of Not Updating PAN
NIC Asia Bank has clearly warned customers about the risks of failing to update their PAN. If customers do not link their PAN, their tax deductions might not be recorded correctly in the ETDS (Electronic Tax Dedication System).
As a result, customers may face problems such as delayed or missing tax certificates. The bank has made it clear that it will not take responsibility for any issues arising from customers’ failure to update their PAN.
Assistance for Customers with Existing PAN Records
The bank also addressed customers who have already submitted PAN but have outdated or incorrect records. These customers can update their PAN details by visiting the nearest branch or contacting customer service.
NIC Asia Bank’s customer support is reachable at 1660-01-77771 or 01-5970101. The bank encourages customers to reach out if they need help with the update process.
NIC Asia Bank’s Commitment to Regulatory Compliance
This PAN update drive reflects NIC Asia Bank’s effort to comply with tax laws and enhance customer service. By offering both online and offline update options, the bank aims to make the process easy and accessible.
Furthermore, the bank is focused on reducing paperwork and improving efficiency. The digital update process aligns with the bank’s goal to promote cashless and paperless banking services.
Encouraging Customers to Act Quickly
NIC Asia Bank urges all customers to update their PAN without delay. Doing so will prevent tax deduction problems and ensure smooth financial transactions.
The bank emphasizes that timely PAN updates will help customers avoid penalties and unnecessary complications with the Inland Revenue Department.
Conclusion
NIC Asia Bank’s PAN update request is crucial for all account holders. The bank has provided clear, simple steps to update PAN through digital or branch channels. Customers must act promptly to secure their tax-related benefits and avoid potential difficulties.
By linking PAN with tax records, the bank and government can better track tax deductions. This initiative ultimately supports transparency and accountability in Nepal’s tax system.
For more: Urgent PAN Update NIC Asia
