NIC Asia Bank urges customers to update PAN details for tax compliance

KATHMANDU: NIC Asia Bank has requested its esteemed customers to update their Permanent Account Number (PAN) in their bank accounts in accordance with the provisions of the Income Tax Act, 2058.

This update is required to comply with the Ministry of Finance’s Department of Internal Revenue’s system for tax deductions and reporting.

Customers can update their PAN either through the bank’s online portal at panupdate.nicasiabank.com or via the “PAN Update” option in the NIC ASIA MoBank mobile banking app. Alternatively, they may visit any branch office of the bank to complete the PAN update process.

The bank has emphasized the importance of updating PAN for the accurate reporting of tax deductions, specifically for interest payments on deposits, in the E-TDS (Electronic Tax Deduction Statement) records.

Once updated, the customer’s PAN will be linked to their tax deduction details, ensuring that the tax details are automatically reconciled with Schedule 10 of the Income Tax System.

This process aims to make it easier for customers to receive tax deduction certificates and other relevant documentation, thus eliminating the need to visit the bank in person.

The bank has also informed that it will not be held responsible for any discrepancies in the tax deduction details (E-TDS) or the need for further adjustments in the interest tax if the PAN is not updated by the customer.

For customers who have previously provided their PAN but did not have tax details included, the bank urges them to contact the nearest branch office or the customer service center at 1660–01–77771 or 01–5970101 for assistance.

NIC Asia Bank encourages all customers to complete this update promptly to ensure smooth tax processing and avoid any future complications.