Kathmandu. NIC Asia Bank has urged its customers to update their Permanent Account Number (PAN) in their accounts. Customers can update their PAN as soon as possible by tapping on the ‘PAN Update’ option of the bank’s portal panupdate.nicasiabank.com or mobile banking app NIC Asia Mobile Banking, saying that the details of tax deducted from the bank’s account should be linked to the Permanent Account Number System issued by the Inland Revenue Department as per the Income Tax Act, 2058 BS.
Customers can apply for PAN update in their account from any branch of the bank convenient to them.
PAN is essential for showing the tax deducted from the bank on the interest payment to the depositor in the ETS record. After the PAN is updated, the customer’s tax deduction details are entered in the ETDS 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 certificate and tax clearance certificate and will also 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 tax is not deposited in ETDS due to non-updating of PAN and further adjustment in interest tax has to be made thereafter.
