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What is Tax reversal?

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(Querist)
11 July 2008 Infosys today declared its Q1 results.

It says its EPS is 100(approx) Ex- Tax reversal.

Please let me know what is Tax reversal.

Note that infosys' profits for the period Q1 is more than its guidance.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
11 July 2008 Provision for Taxatio is created every year on the basis of income earned for the year and tax payble thereon. The liability is booked at the time of finalisation of Balance Sheet which may differ from the actual liabilty ascertained by preparing the Computation of Income and Return. The difference of the two figures is reversed in the next years which may be called as the Tax Reversal
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
12 July 2008 Yes. I do agree with Mr Ahuja
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