what is bsr code

The BSR code stands for "Basic Statistical Return" code. It is a unique seven- digit code assigned by the Reserve Bank of India (RBI) to identify each branch of a registered bank in India. The first three digits represent the bank, and the remaining four digits represent the specific branch of that bank. This code is primarily used for filing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) returns. The BSR code helps in accurately tracking and reconciling tax payments made through banks, providing details of the tax transactions to the Income Tax Department. It is found on tax payment challans and TDS certificates and is essential for ensuring correct tax reporting and compliance. There are different classifications of BSR codes used for various statistical returns related to advances, deposits, bank investments, and credit surveys at different frequencies (monthly, quarterly, annually). In summary, the BSR code is a regulatory tool used in Indian banking for tax purposes to identify the bank branch involved in tax-related financial transactions.