What is the amount of penalty levied under section 271FA?

Ans. Rs. 500 per day of default

Further, if a person fails to furnish such statement within the due date, the tax authorities may issue a notice to such person directing him to file the statement within a period not exceeding 30 days from the date of service of such notice. In case such person fails to file the statement within the time specified in the notice, then a penalty of Rs. 1,000 per day shall be levied from the day immediately following the day on which the time specified in the notice expires.​