ByteDance | Pixr8 News

6Apr By reutersNo Comments

INDIA

India court says ByteDance should deposit $11 million in tax evasion case

Mumbai, 04/07/2021: An Indian court on Tuesday said China's ByteDance must deposit around $11 million that federal authorities believe the company owes in an alleged case of tax evasion, a setback for the firm which wanted to unblock its bank accounts to pay salaries. An Indian tax intelligence agency in mid-March ordered HSBC and Citibank in Mumbai to freeze accounts of ByteDance India as it probed some of the firm's financial dealings. ByteDance challenged the move in court saying the freeze amounted to harassment and was done illegally. ByteDance has said in court it does not owe the tax government is demanding and does not agree with the tax authority's decision to freeze its accounts. After a government counsel said ByteDance owed the authorities about 790 million rupees ($1...

TikTok Ban will Hit Parent Firm ByteDance’s $1 Billion Expansion Plan

30Jun By AnkitaNo Comments

News

TikTok Ban will Hit Parent Firm ByteDance’s $1 Billion Expansion Plan

New Delhi, 30th June 2020: A ban on 59 Chinese apps including Tiktok by the Indian government over security issues derailed Chinese company ByteDance $1 billion India expansion plan. Tiktok app is owned by its parent firm ByteDance was removed from Google and Apple app stores in India after the Indian government announced on Monday that it was among the 59 apps which it believed posed a "threat to sovereignty and integrity". "If this is not rolled back, these companies would be constrained to cut back their operations in India, potentially resulting in a loss of employment," said a lawyer who advises a Chinese company whose app has been banned. China's foreign ministry said it was "strongly concerned" about India's decision, adding that India had a "responsibility to uphold the l...

TikTok owner ByteDance Revenue Jumps over $7 billion in First Quarter

30Sep By reutersNo Comments

BUSINESS

TikTok owner ByteDance Revenue Jumps over $7 billion in First Quarter

ByteDance, which was loss-making in the first-half, also posted a profit in June and was confident of making a profit in the second half of the year, one of the people said, declining to be identified as the company has not made a public announcement. Robust growth has led the Beijing-based startup to revise its revenue target for 2019 to 120 billion yuan from an earlier goal set late last year of 100 billion yuan, a second person said. Earnings figures for last year were not immediately available. According to online tech news outlet The Information, ByteDance revenue for the whole of 2018 was $7.2 billion. ByteDance declined to comment. The seven-year-old startup, which separate sources have said was valued at $78 billion late last year, also owns Chinese news aggregat...

Madras High Court uplifts ban on TikTok app

24Apr By PriyankaNo Comments

INDIA

Madras High Court uplifts ban on TikTok app

CHENNAI: The Madras High Court's Madurai Bench on Wednesday lifted the ban on video mobile application TikTok, owned by Chinese company ByteDance, subject to certain conditions. Deciding the case filed by advocate Muthukumar, the bench vacated its interim order banning the app, subject to conditions that pornographic videos will not be uploaded on it, failing with the contempt of court proceedings would begin. Early this month, the high court, on a petition filed by the advocate, issued an interim order to the Central government banning downloading of the app in India and restricted the media from telecasting videos taken using the app. The high court had passed an interim order banning the app citing inappropriate and pornographic content. Tamil Nadu's Information Technology ...

How China’s ByteDance Owned TikTok App Affecting Parents Life

7Jan By AdityaNo Comments

Story

How China’s ByteDance Owned TikTok App Affecting Parents Life

AFP, Paris: Millions of teenagers seeking their 15 seconds of fame are flocking to TikTok, but many of their parents are only now learning about the express-yourself video app often to their dismay. The social network became the most downloaded on Apple’s App Store in the first half of this year according to market analysis firm Sensor Tower, beating out titans like Facebook, Instagram and Snapchat. The site, owned by China’s ByteDance, boasted 500 million users as of June following its purchase last year of Musical.ly, which greatly expanded its reach in the US. Analysts say it filled the void left by Vine, which introduced countless numbers of teens to the creative possibilities of ultrashort videos but failed to find a sustainable business model. “TikTok capitalises on shor...