<s>[INST] What is the amount of penalty levied under section 272A(2)? [/INST] ​​Rs. 500 for every day during which failure continues.

However, the maximum penalty under this provision shall not exceed the amount of tax-deductible or collectible, as the case may be, for failure in relation to a declaration mentioned in Section 197A or TDS/TCS certificate.​ </s>