Amendment status not verified — confirm the current text below against the official source.
If a person who is required to furnish an information return Penalty for under Section 150 fails to do so within the period specified failure to in the notice Issued under sub-section (3) thereof, the furnish proper officer may direct, that such person shall be liable to information return. 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.