NIC Asia Bank requests customers to update PAN and email for seamless tax reporting

Kathmandu: NIC Asia Bank has urged its customers to update their Permanent Account Number (PAN) and email address to ensure proper tax reporting and communication.

The bank stated that under the Income Tax Act, 2058, interest deductions from customer deposits must be linked to the government-issued PAN system managed by the Ministry of Finance and the Inland Revenue Department. Customers can update their PAN through the bank’s portal or mobile banking app by selecting the “PAN Update” option, or by submitting an application at any NIC Asia Bank branch.

Updating PAN is crucial for linking interest deduction records to e-TDS (Electronic Tax Deduction at Source), enabling automatic reconciliation of tax deduction details in Schedule 10 of the tax system. This will allow customers to receive tax deduction certificates and tax clearance certificates without physically visiting the bank, simplifying compliance.

The bank clarified that it will not be responsible if a customer fails to update their PAN, resulting in incomplete e-TDS records or additional adjustments in interest tax. Customers are also encouraged to update their email addresses to ensure smooth communication from the bank.