Kathmandu. NIC Asia Bank has urged customers to update the Permanent Account Number (PAN) in their accounts.
Since the details of tax deductions made from the bank’s customer’s account must be linked to the PAN system issued by the Government of Nepal, Ministry of Finance, and Department of Inland Revenue as per the ‘Income Tax Act 2058’, the bank has stated that customers can update their PAN as soon as possible by clicking on the PAN update option on the bank’s portal panupdate.nicasiabank.com or the mobile banking app NIC Asia MoBank.
In addition, the bank has made arrangements to allow customers to apply for updating the PAN in their account from any branch office of the bank that is convenient for them.
PAN is essential for reporting the tax deducted by the bank on the interest payment of the depositor in the e-TDS record. After the PAN is updated, the tax deduction details of the customer are entered in that PAN, so the income tax system automatically matches the tax deduction details in Schedule 10. The bank is confident that this will make it easier for customers to obtain tax deduction certificates and tax payment certificates and will also eliminate the need to visit the bank to obtain certificates.
The bank has also clarified that the bank will not be responsible in the event that interest tax is not deposited in e-TDS due to the customer not updating the PAN and in the event that further adjustments to the interest tax are required.
In addition, if the tax deduction details are not included even after providing the PAN to the bank earlier, it is requested to contact the bank’s nearest branch office or customer contact center on phone numbers: 1660-01-77771 and 01-5970101 to avail the service.
