Correct Option: D

The Minimum Alternative Tax (MAT) was introduced for the first time in the Budget for the year 1996-97 Minimum alternate tax or MAT is a Tax levied on firms/ companies or limited liability partnership (LLPs) making abundant profits as well as distributing dividend to its shareholders who leveraging on the features of the Indian Taxation system do not contribute towards the government's taxation kitty. Thus, for such corporate a minimal tax amounting to some fixed percentage of book profits i.e. profits according to accounting records is charged as minimal alternative tax (MAT).