Skip to main content

ByteDance : India's freezing of bank accounts poses a threat

ByteDance: India's freezing of bank accounts poses a threat

ByteDance: India's freezing of bank accounts poses a threat


ByteDance, a Chinese company, has informed an Indian court that the government's freezing of bank accounts was a threat and was being done illegally, according to a file seen by Reuters.

ByteDance cut its Indian workforce in January after New Delhi kept a ban on the popular video app TikTok, which was imposed last year after a border clash between India and China.

Beijing has repeatedly criticized India for banning TikTok and other Chinese apps.

In mid-March, an Indian tax intelligence unit, HSBC and Citibank, in Mumbai, ordered to freeze ByteDance India's bank accounts while investigating some of the unit's financial transactions.

ByteDance has appealed against the four accounts freeze in a Mumbai court.


None of ByteDance India's employees got paid for the month of March due to the account freeze, and the company told the court it has a workforce of 1,335 people, including outside employees.

ByteDance informed the Mumbai High Court that the authorities acted against the company without any physical evidence and did not provide preliminary notice prior to the action as required by Indian law.

In the 209-page court file filed on March 25, ByteDance argued that blocking accounts during the investigation process amounted to undue coercion.

And ByteDance's tax agency made it clear last year that it had reason to believe it had demanded excessive tax breaks.

The court refused to grant ByteDance an immediate relief at the short hearing.

The investigation focuses on potential tax evasion related to online advertising and other financial transactions between ByteDance India and the Singapore parent entity, TikTok.

ByteDance told the court: Its workforce in India includes 800 people who work for the Trust and Security team that supports activities such as overseas content moderation.

She added that it has strong business plans in India and is not considering liquidating it, and urged the court to lift the account freeze.

The Tax Authority began investigating the company in July, examining documents in the company’s office and summoning and questioning at least three executives.

Authorities also required ByteDance to provide documents, including invoices and signed agreements with some clients, and ByteDance representatives appeared several times in front of tax officers and presented the documents.

And TikTok, one of India's most popular video apps before it was banned, is under scrutiny around the world.

Under former President Donald Trump, the United States has claimed that the app raises national security concerns.

The new administration of President (Joe Biden) has halted a government lawsuit that could have resulted in an effective ban on TikTok use in the United States.

Labels:

Comments

Post a Comment

Popular posts from this blog

Microsoft is building the world's most powerful weather supercomputer

Microsoft is building the world's most powerful weather supercomputer Microsoft is building the world's most powerful weather supercomputer,The British are taking their weather obsession to new heights, as the UK today announced that it is advancing its project to build the world's most powerful climate and weather supercomputer with the help of Microsoft. The country's weather service, the Bureau of Meteorology, has entered into a multi-million-pound agreement with the tech company for the project, which was previously earmarked to receive 1.2 billion pounds ($ 1.6 billion) in government funding. And while the UK is already proud of its current weather supercomputer that can perform 16,000 trillion calculations per second, the new device will be twice as powerful. By accessing more detailed climate models, the UK hopes to protect its cities and transport infrastructure in the future to protect them from extreme weather eve...
Post a Comment
Read more

Kasparov launched the Kasparov chess platform

Kasparov launched the Kasparov chess platform Chess legend (Garry Kasparov) launched the Kasparov chess platform, which took years to develop with private funding and media conglomerate Vivendi. Four Years Reality, a platform that sells lessons for celebrities, invites Kasparov to teach a class, and he soon realizes that he had to downplay concepts and stick to a certain structure. Presented by chess players, Kasparov represents sharing tips and tricks with players of various levels. The platform has recorded documentaries, podcasts, interviews and interviews with well-known experts and players in the chess community. He said more than 1,000 videos have been recorded so far, and other than the content, the referee owns the platform and play areas. Replica and in many ways, the platform is an enlarged version of the chess lessons that he gave via MasterClass years ago, with a heavy emphasis on community and diversity. Chess Kasparov has ...
Post a Comment
Read more

Set Google search engine as your home page in any web browser

Set Google search engine as your home page in any web browser The Google search engine is almost the first site that most users turn to when searching for everything on the Internet, as the giant search engine provides immediate answers to the strangest inquiries, so it is necessary to set it as your home page regardless of the web browser you use. This comes for many reasons, the most important of which is the speed of page loading, regardless of the speed of your Internet connection. Setting Google as the home page in web browsers is a quick and simple process, meaning that every time you start the browser, Google.com will open instantly. Here's how to set Google as your home page in any web browser: Note: The steps in this article apply to desktop web browser versions, not smartphone browsers, because smartphone browsers generally do not contain home pages. First: in Google Chrome: By default, Google Search will be set as your ...
Post a Comment
Read more