MAT - Banking awareness questions on current affairs

1)   What does 'MAT' stand for?

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

ANSWER: Minimum Alternate Tax

The intent of introducing MAT was to ensure that no taxpayer with substantial income can avoid tax liability by using exclusions, deductions and incentives.