ICICI Bank Ltd Interview Question:

What does 'MAT' stand for?

a. Maximum Alternate Tax
b. Minimum Alternate Tax
c. Maximum Alternate Time
d. Minimum Alternate Time

Submitted by: Muhammad

Minimum Alternate Tax
Explanation:
The intent of introducing MAT was to ensure that no taxpayer with substantial income can avoid tax liability by using exclusions, deductions and incentives.
Submitted by: Muhammad