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 hundredrupeesforeachdayoftheperiodduringwhichthefailure to furnish such return continues:

Provided that the penalty imposed under this section shall not exceed five thousand rupees.