The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year:

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Correct answer: 1996-97. The Minimum Alternative Tax (MAT) was intro- duced in the Union Budget for 1996–97 to ensure that com- panies with substantial book profits pay a minimum amount of tax, even if their taxable income is reduced due to exemp- tions and deductions. MAT was introduced under Section 115JB of the Income Tax Act to prevent large corporations from exploiting tax loopholes and paying little to no taxes. This initiative was crucial for ensuring tax equity and broadening the corporate tax base. The MAT rate was initially set at 7.5% of book profits and has undergone periodic revisions over the years. 225

The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year:

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