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.
As the tax deduction details from the bank’s customers’ accounts have 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 “PAN Update” option on the bank’s portal or mobile banking app (NIC ASIA MoBank).
In addition, customers can apply for updating PAN in their account from any branch office of the bank convenient to them. PAN is mandatory for the tax deducted from this bank on the interest payment of the depositor in the E-TDS record. After the PAN is updated, their tax deduction details (E-TDS) are 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 responsible in case the interest tax is not deposited in E-TDS due to non-updating of the customer’s PAN and after that additional adjustment in the interest tax has to be made.
