The diary of an employee with a tough boss may look like: "Some people are like clouds, when they disappear it's a brighter day!" A tough boss can be both good and bad for us.
On one hand there can be nothing more disappointing in a workplace than a discouraging and intimidating boss who can't trust and on the other hand there cannot be less a lenient one from whom you cannot learn!
A tough boss may be perceived like someone who is more demanding, challenging and a deadline bound. Working with a tough boss, can make us grow as professionals and make us more resilient as a person. He/she may give you rounds of feedback on an assignment to the point where it could frustrate you. What one needs to understand is, if the rounds of feedback are the step towards improvement in work that might help you learn. But if you perceive rounds of feedback are to harass you then this would be the time to re-think, either about your boss or yourself.
You may take these steps to restructure the reality clogging your emotions:

1. Has there been a point where I was appreciated for my work?
2. How does my boss react to the final work?
3. Does he/she follow the same pattern with other members as well?
4. What could be the thoughts behind such pattern? Is there a higher goal that he/she is trying to meet?

1. Objectively understanding the triggers- there could be various parameters where your boss loses his cool. Understand them. They are associated with his work-values.
2. Communicating effectively & Reasoning logically- Communicate like a team. You need to understand and give updates to your boss in timely manner. Make him understand the challenges, and give genuine reasons.
3. Not forgetting to gage into alternate solutions of the problems you are carrying could be some of the ways to handle a challenging boss.