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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 one hundred rupees 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 five thousand rupees.
<span style="margin-left:15px;"></span>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 (<i>3</i>) thereof, the proper officer may direct, that such person shall be liable to pay a penalty of one hundred rupees for each day of the period during which the failure to furnish such return continues:<br> <span style="margin-left:15px;"></span>Provided that the penalty imposed under this section shall not exceed five thousand rupees. <br>