NIC ASIA Bank requests customers to update PAN details

KATHMANDU: NIC ASIA Bank has urged all its customers to promptly update their Permanent Account Number (PAN) in their bank accounts.

As per the provisions of the Income Tax Act, 2058, the details of tax deductions made from customer accounts must be integrated into the PAN system established by the Government of Nepal, Ministry of Finance, Inland Revenue Department.

To facilitate this, the bank has provided the option for customers to update their PAN through the ‘PAN Update’ feature available on its official portal and mobile banking application.

In addition, customers may also visit any branch office of the bank to submit a PAN update request in person.

According to the bank, PAN details are essential for recording tax deductions made on interest payments under the E-TDS system.

Once the PAN is updated, the tax deduction details will be linked to the respective PAN, allowing the Income Tax System to automatically reconcile these details in Schedule 10.

This automated system will enable customers to conveniently obtain Tax Deduction Certificates (TDC) and Tax Clearance Certificates (TCC) without needing to visit the bank in person.

The bank has also clarified that if customers fail to update their PAN and as a result, interest tax cannot be reported under the E-TDS system, or if any future adjustments in tax are required due to this, the bank shall not be held responsible.

Furthermore, if any customer has previously submitted their PAN to the bank but finds their tax deduction details not reflected, they are advised to contact their nearest branch or reach out to the bank’s customer service helpline for assistance.