What are the penalties ,if any, for not filing on FBAR on time?
Thanks,

Harshad

Penalties are very stiff

1) Civil Penalties for willful violation can be up to the greater of $100K or account size per violation. [ A violation is per unreported account per year, technically]

2) In addition, there can be criminal penalties. Up to $250K per violation or 5 years in prison or both

Now such stiff penalties are almost never enforced except for really bad actors, but they do exist.

Last year I sent my form late (postmarked June 30th, as I wasn't aware it should be there on June 30th). I didn't have to pay a penalty.
Just send it as as soon as possible and you should be fine.

If you haven't paid taxes on foreign income and failed to report the FBAR you might want to have a look here:
http://www.irs.gov/newsroom/article/0, id=210027,00.html