Failure to furnish information return may attract a daily penalty directed by the proper officer, subject to an overall cap. Where a person required to furnish an information return under section 150 fails to do so within the period specified in the notice under sub section (3), the proper officer may direct payment of a daily penalty of one hundred rupees for each day of continued failure, subject to an overall cap of five thousand rupees; the penalty is triggered by non compliance with the notice period and is directed by the proper officer.