Interest and penalty on interest?

If suppose I have paid excess amount for tds in month say Jan. In february I have deducted tds @ wrong rate of interest say 1% instead of 2% and in march I pass a journal entry to rectify my mistake and adjust the differential amount with the excess paid earlier in Jan and remainig amount (if any) in march. do I hav to pay any interest? And if fail to pay interest and the same is not reflected in my quarterly return than do i also have to pay penalty (after return filing)?