If an extension to file a corporate income and franchises taxes return is granted, do I still owe late payment penalty and interest on taxes that are paid when the return is filed?

Yes, the extension only allows for an extension of time to file the tax return. The extension does not allow an extension of time to pay the tax due. To avoid interest and penalty assessments, estimated taxes should be paid on or before the original due date. If you file the return after the extended due date, you will be assessed delinquent filing penalty from the due date of the return.