86.  Charge of additional tax for failure to deduct and pay tax:-

Where any person fails to deduct, or having deducted, fails to pay any tax, as required by section 50, such person shall, without prejudice to any other liability which he may incur, be liable to pay additional tax at the rate of twenty-four percent per annum on the amount not paid for the period commencing from the date on which he was required to pay such tax to the date of the payment thereof.