Penalty for failure to furnish annual information return: higher daily penalty applies if return remains unfurnished after notice period. Penalty for failure to furnish annual information return is imposed where a person required to file under sub-section (1) of section 285BA fails to file within the time under sub-section (2); the income-tax authority may direct a daily penalty for continued non-filing, and a higher daily penalty applies if the return remains unfurnished after the period specified in a notice issued under sub-section (5) of section 285BA, commencing the day after that notice period expires.