Discussion
What is the full form of 'MAT'?
Answer: B
Correct answer: Minimum Alternate Tax
Minimum Alternate Tax is levied under Section 115JB of the Income Tax Act on companies whose taxable income, after exemptions and deductions, would otherwise leave them paying little or no tax despite showing healthy book profits. It is charged on the book profit instead, and the excess paid over the normal liability may be carried forward as MAT credit and set off in later years.
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