Indian authorities have blocked bank accounts of the Chinese firm ByteDance for alleged tax evasion. The company has gone to court to get the freeze lifted, pleading that its operations will be hard hit. The accounts were in Citibank and HSBC and both banks have been told not to allow ByteDance to withdraw funds from other accounts linked to its tax identification number.
Reports in the pink papers quoted tax officials as claiming that the evasion was detected in online advertising dealings between the ByteDance unit in India, and its parent entity in Singapore, TikTok Pte Ltd.
ByteDance says it had only $10 million in its account and it will be hard put to pay salaries and taxes. The company says the freeze violates its right to carry out free trade and business.
