Bank accounts of TikTok’s parent company Bytedance freeze in India, know what is the matter

Bank accounts of TikTok's parent company Bytedance freeze in India

Bank accounts of TikTok’s parent company Bytedance freeze in India

After TikTok’s ban in India, the government has also taken tough measures against its parent company ByteDance. On the charge of tax evasion, the government has freed all the accounts in India of ByteDance.

new Delhi: After TikTok’s ban in India, the government has also taken tough measures against its parent company ByteDance. On the charge of tax evasion, the government has freed all the accounts in India of ByteDance. After this move of the government, the company has taken recourse to the Mumbai High Court and filed a petition in the court on the government’s decision. With this, the government has requested to reject this order soon.

According to Reuters news, the company further said that this decision of the government could cause a huge loss to its business. In January, its employees were fired in India. However, there are still 1300 employees of ByteDans in India, most of whom are handling foreign operations, including content moderation.

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No permission to withdraw moneyTwo sources involved with the matter told Reuters that in March 2021 tax officials were allegedly found to have evaded tax in an online advertising deal between BiteDance’s Indian arm and its parent company TikTok Pte Ltd based in Singapore. After this, the officials had ordered the company’s Citibank and HSBC bank accounts to be blocked.

Two officials gave information
After this news, both the officials have ordered that the company should not be allowed to withdraw money from any bank account linked to the tax identification number.

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Only 10 million dollars in accounts
Bydtance has filed a petition in the court regarding this matter, which will be heard in the Mumbai High Court. In this, Bidance India has argued that when it has only 10 million dollars in its accounts, then such a moratorium at that time is an abuse of legal process and will make it difficult to pay salaries and taxes.




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