Kathmandu. NIC Asia Bank has asked customers to update permanent account number (PAN) in their account. As the details of tax deduction made from the bank’s customers’ accounts have to be linked to the PAN system issued by the Government of Nepal, Ministry of Finance, Department of Internal Revenue as per the ‘Income Tax Act 2058’, the bank can update its PAN as soon as possible by tabping on the bank’s portal panupdate.nicasiabank.com or mobile banking app NIC Asia Mobank.
Apart from this, customers can also apply for updating pan in their account from any branch office of the bank.
PAN is essential for showing the tax deducted from the bank for payment of interest to the depositors in the e-TDS record. After the PAN update, the details of the customer’s tax deduction will be entered in that PAN, so the income tax system automatically matches the details of tax deduction in Schedule 10. As a result, the bank believes that it will be easier for the customers to get tax deduction certificates and tax paid certificates and also end the situation of going to the bank to get the certificate.
The bank has also clarified that the bank will not be responsible if the interest tax has not been paid on e-TDS due to non-updation of the PAN by the customer and if the interest tax has to be further adjusted in that province.
In addition, if the details of tax deduction are not included even after providing PAN to the bank earlier, it has been requested to contact the phone numbers of the bank’s nearest branch office or customer contact center: 1660-01-77771 and 01-5970101.
