Penalty for failure to furnish 4[statement of financial transaction or reportable

account].—If a person who is required to furnish 5[a statement of financial transaction or reportable account] under sub-section (1) of section 285BA, fails to furnish such 6[statement] within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of 7[five hundred rupees] for every day during which such failure continues:

Provided that where such person fails to furnish the 6[statement] within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of 8[one thousand rupees] for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the 6[statement] expires.]