What is BSR Code?
What is BSR Code?
Basic Statistical Return Code (BSR Code) is a seven-digit code given by the Reserve Bank of India to all the registered banks in India. The first three digits out of the seven represent the bank whereas the remaining four digits represent the branch. The code can be used for filing TDS and TCS returns. This system is used to maintain records of the online payments and alerts the Income Tax department about the payment through banks.
Usage of the Codes
BSR codes are used in the following documents. They are
- TDS certificates.
- In OLTAS challan and in deducting details.
- In Challan Identification Number (CIN).
Classification of Codes
The BSR Codes are classified into seven different categories. They are
This is applicable to the half-yearly Returns on Advances from all branches of the bank on the last Friday of June and December. It is in two parts; Part I is for accounts with limits over Rs.10,000 and Part II is for accounts with limits below Rs.10,000.
This is applicable to the half-yearly Return Deposits to all bank branches on the last Friday of June and December.
This is applicable to the monthly Return Advances against the Security of Selected Sensitive Commodities from Head Offices on last Friday of every month.
This is applicable once in every two months for the Return on Ownership of Bank Deposits from all branches on the last Friday of March.
This is applicable to the annual Return on Bank Investments from the Head Office on the last day of March.
This is applicable for Quinquennial Survey on Debits to Deposits Accounts from April to March.
This is done quarterly and is applicable for the Survey on Aggregate Deposits and Gross Bank Credit by head offices of the bank on last Friday of June, September, and December, and on March 31.
Uses of BSR Codes
There are three important merits of BSR Codes and they are as follows.
- BSR Codes assists the international tax authorities to track the payment made by an individual to a foreign country.
- BSR Codes enables the senior citizens to receive pensions earlier and also gathers all details of a bank branch.
- BSR codes are used by the Income Tax Department to receive and gather information and records taxes that are paid through the banks and uploads the challan details.