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

Challan Identification Number, a 20-digit unique identification number that is given on the taxpayer’s counterfoil. BSR code comes along with the CIN number and is used as a combination along with payment deposited date and the challan number.

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Frequently Asked Questions

Common questions about BSR Code Insights for Indian Banks and Tax Returns.

A BSR Code, or Basic Statistical Return Code, is a seven-digit code assigned by the Reserve Bank of India to all registered banks in India. The first three digits represent the bank, while the remaining four digits represent the branch.

BSR Codes are used for filing TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns. They help the Income Tax department maintain records of online payments made through banks and track the associated tax deductions or collections.

BSR Codes are classified into seven categories: BSR1 to BSR7. Each category corresponds to a specific type of return or report that banks are required to submit, such as returns on advances, deposits, investments, or credit.

BSR1 is applicable to the half-yearly Returns on Advances from all bank branches. It is divided into Part I for accounts with limits over Rs.10,000 and Part II for accounts with limits below Rs.10,000.

BSR3 is applicable to the monthly Return Advances against the Security of Selected Sensitive Commodities, which is submitted by the head offices of banks on the last Friday of every month.

BSR Codes assist international tax authorities in tracking payments made by individuals to foreign countries, facilitating tax compliance and information exchange between jurisdictions.

BSR Codes enable senior citizens to receive their pensions earlier and gather information about a specific bank branch, making it easier for them to manage their finances and access banking services.

BSR Codes are used in combination with CIN (a 20-digit unique identification number assigned to taxpayers' challans) and the payment deposit date to identify and process tax payments made through banks.

BSR4, which is the Return on Ownership of Bank Deposits, is submitted once every two months from all bank branches on the last Friday of March. BSR5, the annual Return on Bank Investments, is submitted by the head office on the last day of March.

BSR7 is a quarterly survey on Aggregate Deposits and Gross Bank Credit, which is submitted by the head offices of banks on the last Friday of June, September, and December, as well as on March 31.