88.  Charge of additional tax for failure to pay tax with the return.-

Where any assessee fails to pay tax under section 54 or the tax so paid is less than the tax payable under that section, he shall be liable to pay additional tax at the rate of twenty-four per cent per annum on the amount not paid or the amount by which the tax paid by him falls short of the tax payable under that section, as the case may be, and such additional tax shall be calculated from the first day of October or the date on which the tax was payable, whichever is the later, to the date on which the tax is paid or the date on which an order under sub-section (1) of section 59, section 59A, section 62, section 63 or section 65, as the case may be, is made, whichever is the earlier.