Any corporate body doing business in India requires a Permanent Account Number (PAN), whether it is registered in India or not. Elucidate.

A Permanent Account Number (PAN) is vital document for any taxpayer. PAN number is unique to each cardholder and helps identify the income tax payer. It also serves as an identity proof for a large number of purposes. As per the statutory requirements, any corporate body doing business in India, whether it is registered in India or abroad, requires a PAN card. Equally, an individual or entity which is engaged in a business with an Indian firm/entity requires a PAN card. Further, it to be noted that it is also required for anybody who is involved in generating money out of India whether the company is registered, or has a permanent establishment, or an office in India. Hence, a body corporate, company, firms other than LLP, one person company, LLP firm, sole proprietorship, trusts, corporations, limited liability companies, private firms, other associations, foreign institutional investors, hedge Funds all are required to have a PAN card in India.