Explorer

China's ByteDance In Further Soup, Indian Authorities Freeze Bank Accounts For 'Tax Evasion': Report

In a report published in Reuters, it has been informed that Indian authorities have blocked "bank accounts in Citibank and HSBC for alleged evasion of certain taxes"

It has been a struggle for ByteDance's social media apps, including the popular short video App TikTok, in India after they were banned along with 59 other Chinese Apps in June of 2020. After the ban was made permanent, in January 2021 the Chinese company cut down its major Indian employees. However, it was reported that ByteDance retained nearly 1,300 people on their payroll in India for their overseas operations. Now reports are coming in that ByteDance is being scrutinised for tax evasion in India.

In a report published in Reuters, it has been informed that Indian authorities have blocked "bank accounts in Citibank and HSBC for alleged evasion of certain taxes in online advertising dealings between the ByteDance unit in India and its parent entity in Singapore."

MobiKwik Data Leak: Wallet App Denies KYC Details Of 11 Cr Users Being Exposed; Know About Controversy

The report by Reuters further elaborates, that Indian authorities have directed the aforementioned bank authorities to not allow ByteDance India to use their accounts for any financial withdrawal "linked to its tax identification number".

It further elaborates that ByteDance has called the action by Indian authorities a violation “to carry free trade and business”.

Also on ABP Live: Link Aadhaar with PAN Before March 31 Or Pay Penalty Of Rs 1,000, Here's How To Sync Both IDs

India had earlier banned 59 Chinese apps, including TikTok, UC Browser, and WeChat, citing harm to "sovereignty and integrity of India, defence of India, security of the state and public order". The Indian government gave time to these companies to give a probable explanation regarding compliance with privacy and security requirements.

On not being satisfied with the response from various companies, the ban was made permanent under section 69A of the Information Technology Act.

View More
Advertisement
Advertisement
Sat Mar 01, 4:49 pm
connaught place
21.2°
Precipitation: 0 mm    Humidity: 74%   Wind: NE 4.5 km/h
See Today's Weather
Powered By:
Accu Weather
Advertisement

Top Headlines

Bengal Education Minister Alleges ‘Attack’ By SFI Members At Jadavpur University, TMC Slams 'Ultra-Left Elements'
Bengal Education Minister Basu Alleges 'Attack' By SFI Students At JU, TMC Slams Left Groups
Uttarakhand Avalanche: Death Toll Rises To 4, 5 Workers Still Missing As Rescue Ops Continue — Updates
Uttarakhand Avalanche: Death Toll Rises To 4, 5 Workers Still Missing As Rescue Ops Continue — Updates
Delhi Pollution: No Fuel For Vehicles Over 15 Years Old From April 1, Anti-Smog Guns Mandated In High-Rises, Hotels
Delhi Pollution: No Fuel For Old Vehicles From April 1, Anti-Smog Guns Mandated In High-Rises, Hotels
Four Teams Confirmed For Champions Trophy Semifinals - Check Out The Final 4!
Four Teams Confirmed For Champions Trophy Semifinals - Check Out The Final 4!
Advertisement
ABP Premium

Videos

Unprecedented Clash: Trump and Zelenskyy Engage in Heated Argument Over Russia-Ukraine WarBreaking News: Trump-Zelensky Clash in Oval Office Highlights Growing Tensions Over Ukraine ConflictTrump-Zelensky Clash: Heated Exchange Over Russia-Ukraine War, VP JD Vance IntervenesBreaking News: Delhi Focuses on Public Safety, Grievance Resolution, and Crime Control in Key Meeting

Photo Gallery

Embed widget