ByteDance Global secretly holding operating in India for the global TikTok moderation. Last year, Indian Government had announced the ban of 53 Chinese Apps include ByteDance TikTok.
The ByteDance India has parent company situated in the Singapore as ByteDance Pvt Ltd. According to ByteDance had request to Bombay Court to give some relief in collecting money after the Tax department freeze the total amount of 79 crore in the HSBC and CitiBank over ByteDance tax matter.
India’s tax authorities ordered HSBC and Citibank in Mumbai to freeze the bank accounts of ByteDance India in March. ByteDance said they had to pay salaries of the employments working in the company, if their accounts will freeze then it will difficult to pay salaries on time.
The court allowed ByteDance could request the tax department to put the amount in a fixed deposit in a nationalized bank so that company will get the money with interest if it wins the case and gets the tax department’s approval.
HSBC and Citibank had frozen ByteDance’s bank accounts after a directive from the indirect tax department to provide some relief for TikTok’s parent company in a case of alleged tax evasion.