Indian Tax authorities have freezed HSBC and Citi Bank accounts of Bytedance over alleged Tax Frauds. The accounts were frozen in mid March.
Bytedance have challenged the decision in Mumbai High court and asked for interim relief when the case came up for hearing on last Wednesday. We have given what exactly the problem below as per the report
The investigation centres on potential evasion of taxes related to online advertising and other financial dealings between ByteDance India and its parent entity in Singapore, TikTok Pte Ltd.