Penalty for failure to furnish information return

If a person who is required to furnish an information return under section 150 fails to do so within the period specified in the notice issued under sub-section (3) thereof, the proper officer may direct, that such person shall be liable to pay a penalty of Rs. 100 for each day of the period during which the failure to furnish such return continues : Provided that the penalty imposed under this section shall not exceed Rs. 5,000.