NIC ASIA Bank urges customers to update PAN for accurate tax deduction records

KATHMANDU: NIC ASIA Bank requests its esteemed customers to update their Permanent Account Number (PAN) in their accounts.

This is in compliance with the provisions of the Income Tax Act 2058, which requires that details of tax deductions from customer accounts be integrated into the PAN system issued by the Government of Nepal’s Ministry of Finance, Internal Revenue Department.

Customers can conveniently update their PAN by accessing the “PAN Update” option on the bank’s portal at panupdate.nicasiabank.com or through the NIC ASIA MoBank mobile banking app.

Additionally, customers may also visit any branch of the bank to apply for PAN update.

Updating PAN is crucial for the accurate recording of tax deductions in the E-TDS records.

Once the PAN is updated, the tax deduction details (E-TDS) will be automatically aligned with Schedule 10 of the Income Tax System.

This process aims to simplify the issuance of tax deduction certificates and payment certificates, eliminating the need for customers to visit the bank for these documents.

The bank emphasizes that it will not be responsible for any discrepancies in the E-TDS records or any additional adjustments required if PAN is not updated.

For customers who had previously provided their PAN but have not seen it reflected in their tax deduction details, please contact the nearest branch or call the customer contact center at 1660–01–77771 or 01–5970101 for assistance.