Penalty for failure to furnish information return imposes a daily fine with a capped maximum to enforce compliance. A person required to furnish an information return under section 150 who fails to do so within the period specified in the notice under sub section (3) may be directed by the proper officer to pay a daily penalty for each day of continued failure, subject to an overall monetary ceiling; the proper officer thus has authority to impose the penalty conditioned on non compliance with the notice.