Hi Kavita,
If you change Performance Tier to P40, you will be billed at P40 rate until you downgrade it back to the baseline P20. Below document has details and lists restrictions (such as only being able to downgrade once per 12 hours):
Managed Disks pricing
https://azure.microsoft.com/en-us/pricing/details/managed-disks/
Please click Accept Answer if the above was useful. Add a comment if something is unclear or you still need assistance.
Thanks.
-TP