Every business entity adopts some form of business organisation to carry out business activities as success and growth of business depends a great deal on the choice of the form of business organisation. Apart from corporates,there are other forms of business entities namely Co-operatives, Joint Venture ,Small Scale Industries and Trusts. All these forms have their own specialised areas of operating and organising business activities. These are also subjected to taxation in a manner similar to corporates under the Income Tax Act,1961 or other Indian laws as prescribed to be suitable for the purpose of taxation. But there are certain variations in tax provisions relating to each of them due to differences in the form of their organisation. Besides, small scale industries are provided some deductions and exemptions in order to promote their growth and development. Also, trusts that have been set up for various charitable and religious purposes are also subjected to some exemptions under the Income Tax Act.
