Business tax is also called corporate tax. Every businessman must pay tax against his annual income. The business tax is based not on the overall income of the company throughout the year but on the amount of profit the company gains in that year. Intelligent businessmen never hide their assets as they understand if the tax department issues an audit, they might have to face penalties. Therefore, businessmen always try to save tax by itemizing their expenses and saving receipts and proofs of the money spent on business. Tax time is the time to become smart to save yourself from incurring heavy taxes.