Yes, 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 ` 100 for each day of the period during which the failure to furnish such return continues However, the penalty imposed under this section shall not exceed ` 5,000/-. Similarly, if any person who is required to furnish any information or return under section 151,—
(a) without reasonable cause fails to furnish such information or return as may be required under that section, or
(b) wilfully furnishes or causes to furnish any information or return which he knows to be false, then, he shall be punishable with a fine which may extend to ten thousand rupees and in case of a continuing offence to a further fine which may extend to ` 100 for each day after the first day during which the offence continues subject to a maximum limit of ` 25,000.
(ICAI FAQ PUBLICATIONS 06-09-2017 Penalty for failure to furnish information or failure to furnish statistics : FAQ NO. 8)