108. Penalty for failure to furnish return of total income and certain statements:-

Where any person has, without reasonable cause, failed to furnish, within the time allowed for the purpose,-

(a)   any return of total income under section 55 or 56, subsection (1) of section 65, sub-section (3) of section 72 or sub-section (3) of section 81; or

(b)   any certificate, statement, accounts or information under section 51, 139, 140, 141, 142, 143, 143A, 143B or 144,

the Deputy Commissioner shall impose upon such person a penalty-

(i)     in case of default specified in clause (a), an amount equal to one tenth of one per cent of the tax payable for each day of default subject to a minimum of five hundred rupees and a maximum of twenty-five per cent of the tax payable.

(ii)    in case of default specified in clause (b), an amount equal to two thousand rupees and a further sum equal to two hundred rupees for every day during which the default continues.