Is there any penalties if claimed refund after crediting into bank given back in revised return due to missing some incomes before any notice comes from income tax ??
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Quick Summary
This discussion addresses a situation where an individual received an income tax refund but later realised they missed some income. They are filing a revised return to correct this and pay the additional tax and interest. The main concern is whether there will be any penalties for returning the refund after it has already been credited to their bank account, especially before any notice is received from the tax authorities.