I agree with Nikhil Kaushik, however the total amount of fee paid under section 234E shall not exceed the amount of tax deductible.
In case of late payment interest @ 1.5% per month or part of the month will be charged from the date of deduction (not the actual date of payment). For e.g. if you have deducted TDS on 20th September and the due date of payment of TDS is 7th October and you have deposited TDS on 10th October then interest will be charged for 2 months i.e. for September and October.