NIC Asia Bank urges customers to update PAN for seamless tax processing

KATHMANDU: NIC Asia Bank has requested its customers to update their Permanent Account Number (PAN) in their accounts.

The bank explained that the details of tax deductions from customer accounts must be linked to the PAN system issued by the Government of Nepal’s Ministry of Finance, Inland Revenue Department, in accordance with the ‘Income Tax Act 2058.’

Customers can update their PAN promptly through the bank’s portal at panupdate.nicasiabank.com or via the ‘PAN Update’ option in the NIC ASIA MoBank mobile banking app.

The bank has also made provisions for customers to apply for PAN updates at any of its convenient branch offices.

The bank emphasized that PAN is essential for recording the tax deducted at source (TDS) on depositors’ interest payments in the E-TDS record.

Once updated, the tax deduction details (E-TDS) will be entered under the respective PAN, enabling the tax system to automatically reconcile the tax deduction details in Schedule 10.

This update is expected to make it easier for customers to obtain tax deduction and tax clearance certificates, eliminating the need for them to visit the bank to obtain these documents.

The bank also noted that it will not be responsible if customers do not update their PAN and if interest tax is not filed in E-TDS, or if further adjustments are needed in the interest tax thereafter.