@Manoj Dhake - In Atlas 0.5/0.6 there is no simple way of implementing a business taxonomy. Traits could be finagled to serve as a poor man's version of this, but I am not sure I would advise going down this approach as it could be more work than it's worth. Atlas 0.7 introduces a first-class feature around a Business Taxonomy where Terms can be defined in a hierarchical structure and then associated with underlying entities collected by Atlas.
Ìndeed a very useful feature, but still when i try to assign a term from the defined taxonomy to a specific data entity (column), i cannot see the assigned entity in the taxonomy terms information. It works the other way around though, searching for the specific data column i can then see the associated terms in the provided information.