It is very important for a business owner. Even if you hire a consultant, you should be aware of the provisions. The overall impact of various Income tax amendments. Deep knowledge of taxation provisions plays a vital role in the success of your business. Many times people run good business but then lose all the growth due to lack of knowledge of taxation provisions. Income tax provisions have huge impact on business decision making. The person closing the deals should also be aware of the impact of a particular transaction from income tax point of view.