Kathmandu. NIC ASIA Bank has requested the bank to update its Permanent Account Number (PAN) and email address. NIC Asia Bank has urged its customers to update their Permanent Account Number (PAN) and email address in their accounts.
Since the details of tax deducted from the bank’s customers’ account are required to be linked to the Permanent Account Number System issued by the Government of Nepal, Ministry of Finance, Inland Revenue Department as per the ‘Income Tax Act 2058’, customers can update their PAN as soon as possible by tapping on the option “ PAN Update{” on the bank’s portal or mobile banking app (NIC ASIA MoBank){{{TAG_CLOSE_strong_12}.
In addition, customers can apply for updating PAN in their account from any branch office of the bank convenient to them. PAN is essential for showing the tax deducted from this bank on the interest payment to the depositor in the E-TDS record. After the PAN is updated, the tax deduction details (E-TDS) will be entered in that PAN, so the income tax system automatically adjusts the tax deduction details in Schedule 10.
The bank believes that this will make it easier for the customers to get tax deduction certificate and tax clearance certificate and will not only eliminate the need to visit the bank to get the tax clearance certificate. The bank has also stated that the bank will not be liable if the interest is not paid in E-TDS due to non-updating of the PAN by the customer and after that additional adjustment in the interest tax has to be made.
