Cloud Computing has enabled the availability of various software, platforms and infrastructural resources as scalable services on demand over the internet. However, the performance of cloud computing services is hampered due to their inherent vulnerability to failures owing to the scale at which they operate. Fault tolerance is a major concern to guarantee availability and reliability of critical services as well as application execution. In order to minimize failure impact on the system and application execution, failures should be anticipated and proactively handled. This paper presents a comprehensive overview of fault tolerance-related issues in cloud computing; emphasizing upon the significant concepts, architectural details, and the state-of-art techniques and methods. The objective is to provide insights into the existing fault tolerance approaches as well as challenges yet required to be overcome.