
What is BSR Code?
BSR Code stands for "Basic Statistical Return 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- BSR1
- BSR2
- BSR3
- BSR4
- BSR5
- BSR6
- BSR7
BSR 1
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.BSR 2
This is applicable to the half-yearly Return Deposits to all bank branches on the last Friday of June and December.BSR 3
This is applicable to the monthly Return Advances against the Security of Selected Sensitive Commodities from Head Offices on last Friday of every month.BSR 4
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.BSR 5
This is applicable to the annual Return on Bank Investments from the Head Office on the last day of March.BSR 6
This is applicable for Quinquennial Survey on Debits to Deposits Accounts from April to March.BSR 7
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.
BSR and CIN
Related Guides
Popular Post

Starting a small business can be a transformative venture, offering the exciting opportunity...

Tax deduction at source, shortly and popularly known as TDS, was introduced by the Income Tax...

Goods & Services Tax Certificate is issued to people who are registered under GST...

GST registration applies to all individuals and entities supplying goods or services in India. GST...

Gift tax in India is applied when the value of the received gift exceeds ₹50,000 in the...

The Union Budget 2025 has brought significant changes to India’s personal income tax structure, raising the...

The Goods and Services Tax (GST) is an indirect tax system introduced in India in 2017. It functions...

A trademark search is simply checking if another person or organization does not already own the...

Section 194H of the Income Tax Act in India mandates the deduction of Tax at Source (TDS) on commission or brokerage...

Section 80G Deduction is a facility available in the Income Tax Act which allows taxpayers to...

The Income Tax Department (ITD) has not provided specific guidance on crypto taxes for Indian investors. However...

Internal audit applicability is a critical concept for companies in India, impacting various...

In the business world, two main types of companies exist: private company and public company...

Ministry of Finance vide a Notification No 05/2022- Central Tax (Rate) dated 13.7.2022 has issued...

The Central Board of Indirect Taxes and Customs (CBIC) has recently announced an extension...

Depreciation is a key concept in finance and accounting. It helps us manage how the value of...

Form 10IA of the Income Tax Department must be filed by taxpayers claiming income tax deduction...

The Goods and Services Tax (GST) system in India has been a significant reform in the country's...

India's Gross Domestic Product (GDP) benefits significantly from the substantial...

The Finance Act, 2023 introduced the MSME 45-day payment rule under Section 43B(h) of the Income Tax Act...

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced by Union Finance Minister...