BSR Code is issued by the Reserve Bank of India to all Indian banks. It consists of seven digits code with first three digits identifying the bank and remaining four digits identifying the branch. BSR is used while filling the TDS and TCS (Tax reduction at source and Tax collected at source) returns. It helps the bank to keep record of every online payment done for tax and this record helps the income tax department to receive the information about the payments through banks. It is not used in payment systems but mainly finds use in tax receipts at banks end and at Government’s end.
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