Excess refund from department

AO will issue notice u/s 143(2) or 147 as the case may be. Extra deductions under chapter VI A will be disallowed & demand notice will be issued bu AO.

Penalty u/s 271(1)(c) is leviable for furnishing ''Inaccurate details of income".

Is there any time limitation for such penalty or demand? Does this relate with IPC? How much penalty and interest will be payable for furnishing wrong details of income?

Don't worry madam, nothing is going to happen!!!!

According to provisions of Income Tax act, ITO can open/reopen case upto last 6 years. IPC provisions are not applicable here. Penalty u/s 271(1)(c) is minimum 100% & maximum 300% of amount of tax sought to be evaded.