The BSR code is the abbreviation of the term Basic Statistical Return code. It is a code made of seven digits which is normally given by the Reserve Bank of India to all the banks of India that has been registered. The digits are arranged in such ways which generally represent a certain notion or a meaning. For example, the first three digits of the total code of seven digits denote the number of the bank and the rest of the four digits explain the branch of the said bank. The code of the seven digits can be used in the TDS filing as well as the TCS returns. The BSR code system is generally used to keep track of the records and maintain the payments made online and to alert the department of Income Tax about the payments via the banks.
Use of the Codes
The code in discussion is typically used for the documents given below.
- The TDS certificates.
- In OLTAS challan and in the deducting details.
- In the Challan Identification Number (CIN).
Types of the Codes
The codes have been divided in seven categories of various kinds. These are:
This BSR code is applicable for the half-yearly Returns on the Advances from all the branches of the bank on the last Friday of the months of June and of December. It is in done in two parts; the first part is for the accounts with limits that exceed Rs.10,000 and the other part is for the accounts with limits that are below Rs.10,000.
This code of the BSR is applicable to those half-yearly Return Deposits provided to all the bank branches on the last Friday of the months of June and of December.
This code of BSR is applicable on the Return Advances per month against the Security of the Selected Sensitive Commodities from the Head Offices on the last Friday of each month.
This BSR code is applicable only one time in every two months for the said Return on Ownership of the Bank Deposits from all the branches on the last Friday of the month of March.
This code of the BSR is applicable to the yearly Return on the Bank Investments from the Head Office on the last day of the month of March.
This code of the BSR is applicable for the Survey on the Debits to Deposits Accounts which are conducted from the month of April to that of March every five years.
This BSR code is generally done every three months and is applicable in order for the Survey on the Aggregate Deposits and the Gross Bank Credit by the head offices of the bank on the last Friday of the months of June, September, and December, and then on March 31.
The Uses of the BSR Codes
There are three very useful applications of the Basic Statistical Return code. These are mentioned below.
- BSR Codes helps the internationally recognized tax authorities to track down the payment which are made by any individual to any foreign country.
- The codes of the BSR enables the elder citizens of the country to receive their due pensions earlier and gathers all the necessary details of a branch of the bank as well.
- BSR codes are also used by the department of the Income Tax in order to receive and to gather the information and to records the taxes that are paid via the banks and then uploads the details of the challan.
BSR code and CIN
The CIN is short for the Challan Identification Number, which a unique number made of twenty digits which is provided to the counterfoil of the tax payer. The BSR code is provided along with the number of the CIN code. The combination is used along with the date of the deposited payment as well as the number of challan. The BSR code is an important part of the whole process.
Visit Company Vakil for any legal registration.