Penalty for failure to furnish Statement of Financial Transaction: daily penalties apply, increasing for prolonged non-compliance under Section 271FA. Section 271FA creates a daily penalty regime for failure to furnish a Statement of Financial Transactions or Reportable Account as required; the tax authority may direct payment of a daily penalty for default and a higher daily penalty if the statement is not furnished within the period specified in a notice. Filing deadlines include an annual due date for the statement following the financial year and, subsequently, quarterly reporting with specified due dates for each quarter under the governing rules.