Wall Street traded mixed on Wednesday as investors waited for the Federal Reserve’s afternoon announcement, expected to bring the first interest rate cut of the year.DJIA jumped 271 points or 0.59%, reaching 46,029 while Nasdaq slipped 76 points or 0.34% to 22,257. S&P 500 traded at 6,603, down 3 points or 0.05% at 7:35 PM IST.Workday was among the biggest gainers, climbing 6.9% after Elliott In General Millvestment Management revealed it had acquired a stake of over $2 billion and expressed support for the company’s management. The software firm, which helps businesses manage finances and human resources, also expanded its share buyback programme to $4 billion.Meanwhile, General Mills fell 1.9%. The food giant posted higher-than-expected profits for the latest quarter, though revenue roughly met forecasts.The focus, however, remains on the Fed. While a 0.25 percentage point rate cut is widely expected, traders are watching closely for hints about further reductions. Many economists predict the Fed will continue easing rates this year and into next to support a weakening job market.Recent reports suggest it is becoming harder to find work, which may have shifted the Fed’s focus from inflation to employment. So far, the central bank has kept rates steady to prevent inflation from rising above its 2% target, particularly amid concerns that US President Donald Trump’s tariffs could increase prices.Stocks have climbed in anticipation of easier rates, but Wall Street could react if Fed Chair Jerome Powell signals fewer cuts than expected. The Fed will also release projections for interest rates and inflation in the coming years.Elsewhere, RCI Hospitality Holdings tumbled 10.2% after New York’s attorney general accused executives of bribery and other crimes to avoid paying millions in sales taxes. RCI owns strip clubs and sports bars across the U.S., including Rick’s Cabaret.Later in the day, online ticket marketplace StubHub will debut on the New York Stock Exchange under the ticker “STUB,” with shares priced at $23.50 in its initial public offering.Markets abroad were mixed. Japan’s Nikkei 225 slipped 0.2% after data showed exports to the U.S. fell 13.8% in August compared with a year earlier, affected by tariffs on cars.In the bond market, the yield on the 10-year Treasury eased slightly to 4.02% from 4.04% late Tuesday.

Last Updated:September 17, 2025, 15:48 IST

Section 234F of the Income Tax Act prescribes a late-filing fee of up to Rs 5,000 for returns filed after the due date.

Section 234A imposes interest at 1% per month or part of a month on the tax liability outstanding from the due date until the date of filing.

If you missed the September 16, 2025, deadline to submit the income tax return (ITR) for AY 2025-26, you can still file. But, it comes at a cost — a late-filing fee, interest on any unpaid tax, and the risk of losing some tax benefits. The window for filing a belated return this year runs only until December 31, 2025, so acting quickly will limit additional interest and penalties.

How much is the late fee?

Section 234F of the Income Tax Act prescribes a late-filing fee of Rs 5,000 for returns filed after the due date. However, if your annual income is below Rs 5 lakh, the late fee is capped at Rs 1,000.

Apart from the late fee, you must pay interest on any unpaid tax. Section 234A imposes interest at 1% per month or part of a month on the tax liability outstanding from the due date until the date of filing. Interest is computed on the balance tax (tax payable after accounting for TDS, TCS and advance tax).

For example, if you owe Rs 50,000 in tax and file three months late, interest under Section 234A would be Rs 50,000 × 1% × 3 = Rs 1,500, in addition to the late fee. If advance tax instalments were short or unpaid, additional interest under Sections 234B and 234C may also apply.

There are non-monetary costs too. Filing a belated return may mean you lose the right to carry forward certain kinds of losses to future years. In practice, that usually means business losses and capital losses cannot be carried forward if the return for the year in which the loss arose is filed late.

If you are owed a refund, filing late does not forfeit the refund itself, but it can delay processing. The income tax department processes refunds after the return is filed and verified; a belated return only restarts that clock. Also, bear in mind that certain features, like switching tax regimes or claiming some deductions, can be restricted or complicated after the original due date, so check the rules that apply to your form and income profile before filing.

What you should do right now

First, calculate your tax liability accurately for the year, accounting for TDS, TCS and any advance tax already paid. If there is tax due, pay the self-assessment tax and any interest before filing — the return will show the tax paid and the portal will accept it. Compute interest under Section 234A (1% per month) from the day after the original due date to the date you file, and include that payment while submitting the belated return.

Next, complete and file the appropriate ITR form online and e-verify the return immediately; an unverified return is treated as if it has not been furnished. The Income Tax Department’s FAQs describe accepted e-verification methods and timelines. Keep receipts of tax payments and verification for your records.

Can you revise a belated return if you spot an error? Yes, a belated return can be revised.

If you miss September 16, file before December 31 to remain compliant for this assessment year. Yes, you will likely pay a late fee and interest at 1% per month on unpaid tax, and you may lose the right to carry forward certain losses. If you are due a refund, file the belated return and e-verify. Refunds are processed only after the return is filed and verified.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More

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New Delhi: A shocking case of online fraud has come to light from Hyderabad, where a 52-year-old software engineer from Gachibowli lost Rs 1.21 crore in a stock trading scam. The victim, who believed he was making genuine investments, was tricked into pouring money between August 13 and September 11, only to later discover that he had fallen prey to fraudsters.

How the Fraudsters Trapped Him

The victim was first lured into a WhatsApp group that appeared to share stock market tips. He actively participated in discussions on stock suggestions, chart patterns, QIB trading during pre-market hours of NSE and NASDAQ, and even IPO investments — all through what was falsely presented as an AEGIS-CAP trading account. (Also Read: Urban Company Shares Jump 58% On listing, Make Strong Stock Market Debut On NSE_

From Small Start to Huge Loss

The victim created an account on a website and began applying for stocks and block trade IPOs. He started with an initial payment of Rs 50,000 on September 13, but over the next few weeks, he kept transferring more money eventually losing a total of Rs 1.21 crore.

False Allotments and Blocked Withdrawals

The fraudsters showed him fake share allotments in bulk to gain his trust and kept urging him to invest more. But when he tried to withdraw some money, they insisted he first pay tax on his supposed profits. Even after complying, every withdrawal request was rejected which finally exposed the operation as a fraud. (Also Read: Bank Holiday September 17: Are Branches Closed Or Open In Your City On Account Of Vishwakarma Puja? Find Out)

Scam Exposed and Case Registered

The victim later discovered that the trading platform, supposedly run by individuals named Tarak Sharma and Patrik Martin, was a complete scam built to cheat investors. Trusting it to be genuine, he had already poured his entire money through multiple bank accounts. After realising the fraud, he filed a complaint, and the Cyberabad Cyber Crimes police have now registered a case and begun an investigation.