Kathmandu. NIC Asia Bank has requested its customers to update their Permanent Account Number (PAN) in their accounts.

As the details of tax deducted from the bank’s account are required to be linked to the Permanent Account Number System issued by the Government of Nepal, Ministry of Finance, Department of Inland Revenue as per the Income Tax Act, 2058 BS, the customers can update their PAN as soon as possible by tapping on the option ‘PAN Update’ on the bank’s portal panupdate.nicasiabank.com or mobile banking app.

In addition, customers can apply for PAN update in their account from any branch office of the bank convenient to them.

PAN is mandatory for showing the tax deducted from the bank on the interest payment to the depositor in the e-TDS record. After the PAN is updated, their tax deduction details will be entered in the e-TDS 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 clearance certificates and tax clearance certificates and also end the need to visit banks to get tax clearance certificates. The bank has also informed all the customers that the bank will not be responsible in case the interest tax is not paid in e-TDS due to non-updation of PAN and further adjustment in interest tax after that.