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<div style="width: 100%; overflow: hidden;">
This is the second of the six-part "<a href="http://www.businessinsider.com/category/inspired-to-strive" target="_blank">Inspired to Strive</a>" series, in which business leaders of middle-market companies share their stories of success. "<a href="http://www.businessinsider.com/category/inspired-to-strive" target="_blank">Inspired to Strive</a>" is sponsored by CIT.
</div>
<a href="http://www.businessinsider.com/category/inspired-to-strive">See more Inspired to Strive &gt;&gt;</a><div class="image-container float_right" style="width:400px"><div class="image"></div>Alex Davies<keyword id="6355315" type="PERSON" weightage="60" keywordseo="Elon-Musk">Elon Musk</keyword> with the <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> Model S.</div>Elon Musk, CEO of <keyword id="156689" type="COMPANY" weightage="60" keywordseo="Tesla-Motors">Tesla Motors</keyword>, he has turned a pipe dream — an all-electric car company — into a viable business, in a high-risk, high-cost industry.
Musk is also CEO of <keyword id="6360701" type="COMPANY" weightage="60" keywordseo="SpaceX">SpaceX</keyword>, whose unmanned Dragon rocket <a href="http://www.businessinsider.com/spacex-dragon-capsule-dock-sunday-2013-3">successfully docked with the International Space Station for the second time</a>, dropping off cargo per the company's $1.6 billion contract with NASA.
His intense ambition and self-confidence enable him to handle both jobs at the same time, despite the myriad challenges — like broken-down <keyword id="20632" type="ORGANIZATION" weightage="60" keywordseo="Cars">cars</keyword>, economic collapses, and failed rockets — that come with changing the automotive and aerospace industries.
It's the combination of that ambition and business acumen that have made Musk what he is today. "For all his grand plans, he's a pretty pragmatic businessman who knows how to build a company," Matt Desch, CEO of satellite-communications provider Iridium <a href="http://www.esquire.com/features/americans-2012/elon-musk-interview-1212-3">told Esquire last year</a>. 
Starting With A Clear Vision
Musk, who was raised in South Africa, then moved to Canada and ended up in the United States, has degrees in physics and business. That's hardly what would you'd expect of someone mastering automotive and space engineering. But that resume has not dictated Musk's goals, which are straightforward: Create a zero-emissions form of transport, and revolutionize inter-planetary travel. 
In May 2011, <a href="http://globalpublicsquare.blogs.cnn.com/2011/03/17/elon-musk-on-the-3-inventions-that-will-change-the-world/">Musk told CNN</a> the fully reusable orbital rocket is one of the three inventions that will one day change the world. He explained: "It’s the fundamental invention necessary for humanity to expand to the stars and to become multi-planetary."
Late in 2012, <a href="http://www.space.com/18596-mars-colony-spacex-elon-musk.html">he told Space.com</a> he wants SpaceX to help create a self-sustaining 80,000-person colony on Mars.
It's not about making a profit either, <a href="http://www.smithsonianmag.com/science-nature/Elon-Musk-the-Rocket-Man-With-a-Sweet-Ride-179998091.html">he told Smithsonian magazine</a> in December: "For me it was never about money, but solving problems for the future of humanity."
Tesla's Simple Approach
There's a reason there are only a handful of automakers operating today: Designing and building cars costs a huge amount of money, and it's easy to make a dud. To succeed where so many have failed, Musk created a very simple master business plan, which he <a href="http://www.teslamotors.com/fr_CH/blog/secret-tesla-motors-master-plan-just-between-you-and-me">explained in an August 2006 blog post</a>:
<ol>
<li>Build sports car</li>
<li>Use that money to build an affordable car</li>
<li>Use that money to build an even more affordable car</li>
<li>While doing above, also provide zero emission electric power generation options</li>
</ol>
<div class="image-container float_left" style="width:301px"><div class="image"></div>Tesla MotorsThe Tesla Roadster.</div>So far, Tesla is pretty much on track: The Roadster, an all-electric sports car, was produced from 2008 to early 2012. The two-seater could go from 0 to 60 mph in 3.7 seconds and drive more than 200 miles on a single charge. It sold for about $89,000, more than the price of a <a href="http://www.businessinsider.com/jaguars-newly-revealed-f-type-2012-9">brand new Jaguar F-Type sports car</a>.
It was followed by the Model S, a more practical ride with room for seven. In his master plan blog post, Musk predicted the Model S would cost about half the price of the Roadster. The new sedan is less expensive, but not especially affordable.
The cheapest version starts at $52,400 (after a $7,500 federal tax credit). The most capable version (with a big 85 kWh battery that offers a range of 300 miles) starts at $72,400. That is still a lot closer to a BMW than a Ford. But Musk is still determined to get there, <a href="http://mashable.com/2012/04/16/musk-tesla-is-a-success-on-some-levels-video/">he told Mashable</a> last year. 
Those prices open the Model S to accusations of being luxury car for the wealthy. Critics <a href="http://www.forbes.com/sites/boblutz/2012/07/13/tesla-beating-detroit-thats-just-nonsense/">include former GM executive Bob Lutz</a>, who called the Model S "a nice car for a social elite" in July 2012.
In response, <a href="http://www.businessinsider.com/this-is-the-one-reason-tesla-is-beating-gm-ford-and-toyota-2012-7">Adam Hartung at Spark Partners praised Musk's plan</a>, describing Tesla as a "disruptive innovator."
The Roadster wasn’t for everyone, but it wasn’t designed to be. It was meant to demonstrate a really good car could be made without the traditional trade-offs people like Mr. Lutz said were impossible to overcome.
Now Tesla is introducing a car that is much more aligned with what most people buy. 
Perhaps most importantly, it is an excellent car. It was <a href="http://www.businessinsider.com/tesla-model-s-motor-trend-car-of-year-2012-11">named "Car of the Year" for 2012 by Motor Trend Magazine</a>, marking the first time in the 63-year history of the prestigious award a vehicle with a non-combustion engine has been awarded the prize.
Accepting the award, Musk called it a "pivotal turn in history," and acknowledgment that Tesla had built not just a great electric car, but "the best car of any kind."
The Model S will be followed by the Model X. When the all-electric SUV was revealed in February 2012, Tesla said production would begin by the end of 2013. That <a href="http://www.businessinsider.com/tesla-delays-model-x-will-pay-back-loans-early-2013-3">has just been pushed back a year</a>, the company announced in its annual report on March 7.
That filing also noted the Model X will cost about the same as the Model S, so the SUV will not be the "even more affordable car" Musk predicted in his business plan.
Finding the Right People 
On top of his ability to read and learn quickly (<a href="http://www.success.com/articles/2096-success-achiever-of-the-year-elon-musk">Success magazine writes</a> he mastered rocket science by "reading books and asking questions"), he surrounds himself with smart, talented people, who have the expertise he is missing.
<div class="image-container float_right" style="width:300px"><div class="image"></div>SpaceXThe SpaceX Falcon 9 at its launch.</div>He has long believed in talent over numbers, he <a href="http://www.youtube.com/watch?feature=player_embedded&amp;v=Onajosm9PWo">said back in 2007</a>: “Numbers will never compensate for talent in getting the right answer (two people who don't know something are no better than one), will tend to slow down progress, and will make the task incredibly expensive.”
Tesla CFO Deepak Ahuja came from Ford, bringing with him knowledge of large-scale automotive operations.
VP of Sales and Ownership George Blankenship was a key strategist behind the success of Apple's stores. Now, his task is to do the same with Tesla stores (and be Musk's right-hand man at press events).
Gwynne Shotwell, a veteran of research and development center Aerospace Corporation, was tapped to be president of SpaceX.
More recently, Musk said he has started to take personality as well as talent into account. At South by Southwest last week, <a href="http://www.businessinsider.com/how-elon-musk-hires-it-matters-whether-someone-has-a-good-heart-2013-3">he said his biggest mistake</a> was "weighing too much on someone's talent and not someone's personality. I think it matters whether someone has a good heart."
A History Of Failures 
Tesla and SpaceX are competing in extremely expensive industries dominated by enormous corporations and government entities, and their roads to success have not been easy.
<a href="http://www.success.com/articles/2096-success-achiever-of-the-year-elon-musk"> According to Success magazine</a>, "the first three rockets built by SpaceX produced crash-and-burn videos."
But neither company threw in the towel.
In 2008, <a href="http://www.businessinsider.com/the-story-of-tesla-2013-2#">struggling Tesla nearly collapsed during the financial crisis</a>. When Tesla needed cash to fund the Model S, Musk chose to bankrupt himself — giving up the money he earned from his success with PayPal — rather than let it die. He <a href="http://dealbook.nytimes.com/2010/06/22/sorkin-elon-musk-of-paypal-and-tesla-fame-is-broke/">sunk his last $35 million into the company</a>, the New York Times reported.
In a February 23, 2010 court filing, <a href="http://www.businessinsider.com/teslas-elon-musk-i-ran-out-of-cash-2010-5-2">Musk admitted he was broke</a>: "About four months ago, I ran out of cash." The filing, part of his divorce case from his now ex-wife, Justine Musk, said he had been living off of personal loans from friends since October 2009.
It was an extremely rough time, <a href="http://www.esquire.com/features/americans-2012/elon-musk-interview-1212-3">Musk's brother Kimbal told Esquire</a>:
This wasn't Elon facing adversity. This was, 'Holy shit.' Personal bankruptcy was a daily conversation. Tesla was on the limb to deliver cars that people already paid for. Bankruptcy would have been easier than what he did. He threw everything he had into keeping Tesla alive.
In 2009, the company landed a $465 million federal loan, which it used to get the car into production. With its <a href="http://www.forbes.com/2010/07/03/elon-musk-electric-cars-technology-tesla.html">successful IPO in June 2010</a>, Tesla became the first automaker to go public since 1956.
Musk has never had a problem creating demand for the Model S, and now Tesla has finally hit its goal of producing 400 cars a week, the number it needs to keep hitting to generate income.
And SpaceX this month completed another successful trip to the International Space Station.
The common thread in Musk's leadership that has brought both companies to these tentative levels of success is his willingness to take risks, his tenacity, and the fervent confidence that gets others on board with his seemingly crazy ideas.
Success At A Cost?
But there are downsides to the latter two qualities. Musk is combative, and reacts harshly to outside criticism. Simply put, it's hard to find an instance where he has publicly admitted being wrong, because he is so convinced he knows what's right.
In 2008, the popular television show "Top Gear" said the Roadster it tested ran out of power before achieving the promised range (and featured the stars pushing it).
<div class="image-container float_left" style="width:302px"><div class="image"></div>Alex Davies / Business InsiderThe upcoming Tesla Model X. </div>Musk insisted it was misleading, and responded with a lawsuit. The legal battle dragged on for five years, and finally ended this month, <a href="http://www.businessinsider.com/tesla-loses-its-legal-challenge-over-top-gears-negative-roadster-review-2013-3">with a loss for Tesla</a>.
When John Broder at the New York Times wrote a review last month accusing the Model S of the same shortcoming, Musk called the review "fake" on Twitter, and <a href="http://www.teslamotors.com/blog/most-peculiar-test-drive">lambasted Broder in a blog post</a>, writing "some believe the facts shouldn't get in the way of a salacious story."
Ultimately, the Times <a href="http://www.businessinsider.com/nyt-public-editor-sullivan-critizes-tesla-review-2013-2">admitted the review showed problems</a> with precision and judgement, but Public Editor Margaret Sullivan also accused Musk of using the car's digitally recorded driving logs "in the most damaging (and sometimes quite misleading) ways possible."
Musk's protests of mistreatment may rally his supporters, but they earn him little love or respect otherwise. Peter Handal, CEO of professional training company Dale Carnegie, told Business Insider his attitude can be a turn-off:
<span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">It would<span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> <span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">have been more productive for Musk to simply cite the car’s performance log and refer to the article as “confusing” or “inaccurate.” Labeling a journalist’s report this way might not end well since it can damage relationships, cause hostility and tarnish reputations. And from a practical point of view, that's not an effective way to "win friends and influence people."
Yet even after <a href="http://www.businessinsider.com/elon-musk-wants-to-bury-hatchet-with-nyt-2013-2">asking on Twitter to "bury the hatchet"</a> with the Times late in February, Musk kept ragging on the review <a href="http://reviews.cnet.com/8301-31346_7-57572660-252/teslas-elon-musk-flames-times-review-in-geneva/">when asked about it at the Geneva Auto Show</a>, where he was talking about Tesla's upcoming debut in Europe, and showing off the Model S and the upcoming Model X.
But ultimately, Musk's personality may do him as much good as harm, Peter Handal says:
Even though it might raise some eyebrows, Musk’s aggressive leadership approach is not necessarily a bad thing. In his industry, he is on the cutting edge of automotive innovation and technology, and he feels that this is the correct way to handle how to conduct business.
What really matters is the products he builds: No investor will care if Musk acts like a jerk, if Tesla delivers its cars on time and SpaceX keeps running successful journeys.
If both companies stay on track, it will be a testament to Musk's ability to convert seemingly utopian visions (with the help of a fortune made in the startup industry) into models for a new world.

How Elon Musk Is Revolutionizing Two Major Industries At The Same Time

<div style="width: 100%; overflow: hidden;">
This is the eleventh post of the "<a href="http://www.businessinsider.com/category/inspired-to-strive" target="_blank">Inspired to Strive</a>" series, in which business leaders share their stories of success. "<keyword id="1743821" type="UNKNOWN" weightage="60" keywordseo="Inspired-To-Strive">Inspired to Strive</keyword>" is sponsored by CIT. <a href="http://www.businessinsider.com/category/inspired-to-strive">See more posts in the series »</a>
</div><div class="KonaFilter image-container float_right"><div class="image on-image">Illumina</div></div>By pretty much any measure, biotechnology company Illumina's growth has been spectacular. When Jay Flatley joined as CEO in 1999, the San Diego-based business had 25 people. It now employs more than 3000. The stock price has tripled since its IPO in 2001 to reach new highs this year, and sales hit $1.2 billion in 2012. 
None of those things are Illumina's most significant accomplishment. Its primary business is building high output machines for sequencing human <keyword id="25384" type="CITY" weightage="60" keywordseo="DNA">DNA</keyword> that are used by researchers, doctors, and consumer companies like 23andMe to do everything from understanding different types of cancer to decoding someone's ancestry.
Less than a decade ago, the process of sequencing an individual genome, meaning decoding someone's DNA to find out if they have or are susceptible to genetic diseases, cost anyone attempting it upwards of $1 million. Today, that cost is closer to $1,000 and falling. That means DNA sequencing can move from being an expensive luxury to becoming as standard in <keyword id="6378833" type="ORGANIZATION" weightage="60" keywordseo="health-care">health care</keyword> as the flu shot, helping create a world where medical treatment is truly personal. 
<a href="http://www.businessinsider.com/mckinsey-technologies-that-will-disrupt-our-world-2013-5">In a recent report</a>, McKinsey listed next generation <keyword id="210886" type="TECHNOLOGY" weightage="60" keywordseo="Genomics">genomics</keyword>, including sequencing, as one of 12 technologies that will fundamentally transform our lives. It estimates that the impact on the global economy could reach $1.6 trillion by 2025.
In an interview with Business Insider, Flatley compared the growth to Moore's law, the famous axiom that the processing power of computer chips will double, on average, every two years. Yet the advance in sequencing has been far, far quicker than advances in processing, and Illumina's been at the forefront.
<div class="KonaFilter image-container"><div class="image on-image"><a href="http://www.genome.gov/images/content/cost_per_genome.jpg">Genome seq cost</a></div></div>
As the price has fallen, the speed of sequencing has rapidly increased. While it took at least one week to sequence a genome a few years ago, now it takes only about a day.
That's incredibly exciting for researchers able to do things that were previously impossible or prohibitively expensive, for mothers who have a safer alternative to amniocentesis with genetic testing, and for cancer patients who can have their tumors sequenced to get more effective treatment.
It's a business that's already changing lives and is poised to change many more.
How Illumina helped slash the $1 million genome process to $1,000 
Illumina now has a 60% market share because <a href="http://news.investors.com/business-the-new-america/070113-662019-illumina-makes-hiseq-2500-gene-sequencer.htm?p=3">it's been able to dominate the high end</a> of the market, making machines that are faster, more accurate, and more cost effective than competitors like Life Technologies.
The staggering price drop came from a relatively simple idea that turned out to be a huge technical accomplishment. It all comes down to increasing the density of information the machine can gather. The most expensive part of sequencing is the chemicals and dyes used to break up and mark DNA (called reagents). The more data you get out each time you use reagents, the cheaper it gets. Illumina's better than anybody else at that.
"If you have 100 pieces of information in a specific area and you had to flow reagents over that area," Flatley explains, "and all of a sudden you were able to get 400 pieces of information in exactly the same space, your cost per data point drops precipitously."
Once you solve that problem, you can catch up with the other parts of the machine very quickly and massively reduce costs. 
The flip side of sequencing becoming cheaper is that there's a lot more of it being done by companies, researchers, and medical providers, creating massive amounts of data. Illumina and others in the research community have made major improvements there, too.
"If you turn the clock back three or four years ago, people were just inundated with raw images coming off of our machines and couldn't handle that," Flatley says. "Today we're at the point where nobody looks at an image anymore."
Instead of pictures that scientists had to pore over to get data, they get more usable information right off of the machine. Not only is the data better, Illumina and scientists have made a ton of progress in getting better at using that data, taking some 3 billion pieces of genetic information and comparing it to a normal or healthy genome and figuring out what's missing or different and what it means.
That's particularly important for studying and treating cancer, where the genome is mutated and very different from the standard. Some cancer treatments have already been designed and are more effective for use on people with particular kinds of genetic mutations.
The future is going to be in getting better at understanding the biological implications of more and more parts of a person's genome. 
Growing from niche markets to the mainstream
As rapidly as Illumina has been growing, Flatley has his eye on even bigger things. Right now, for example, the company is seeing massive growth in non-invasive prenatal testing, basically replacing amniocentesis through sequencing fetal DNA and maternal blood.
But the real opportunity in the next two to five years is around diagnosing and treating cancer, Flatley says.
"Sequencing at the point of care for cancer is going to become absolutely commonplace in the next couple of years," says Flatley. "It won't be done for every patient. But three years from now, if you go into any large cancer center in the world and you don't have a DNA workup done before treatment's prescribed, that would fall in the irresponsible medical practice category." 
There are still barriers. You often have to sequence a tumor three times in order to get it right because it's mutated. That gets expensive for the patients. And since cancer is so complex, it's harder to analyze. Finally, many hospitals don't yet have the infrastructure required.
"All of those things are going to get knocked down in the next couple of years," Flatley says.
Further out, more children will likely be sequenced, Flatley predicts. Already, sequencing is being used successfully as a way of testing newborns with rare diseases. But for healthy newborns, he anticipates that it will be five to 10 years before it becomes cheap, useful, and comfortable enough to become common. 
"We absolutely believe that sequencing will become mainstream, and it will be commonplace in the management of human health because it will be so inexpensive to do," Flatley says. "It will have the ability to displace the vast selection of of existing tests that target one gene that may cost $1,000."
There's also the benefit of making the right diagnosis in order to get the right drug prescribed faster, and the possibility that, in the long run, sequencing will help make it faster and cheaper to develop new drugs. It may even increasingly become an everyday tool for consumers, doctors, and governments. 
"In about 10 years it's going to be all about consumer and population sequencing. We're starting to see things like <a href="http://news.sciencemag.org/biology/2012/12/u.k.-unveils-plan-sequence-whole-genomes-100000-patients">the United Kingdom's project</a>, which is looking at 100,000 genomes," Flatley said. "You're going to see countries say we don't know much about Kazakhstan's genome, so we're going to go ahead and do 50,000 people in our population to see what's unique about our population and why we have certain diseases."
Managing massive growth
Before Illumina, Flatley founded a life sciences company called Molecular Dynamics, took it public, and sold it to a company that eventually joined GE. 
Illumina is his biggest challenge yet, Flatley says, as he tries to dodge the pitfalls of growing so rapidly and hold on to the things that make the company great.
"Frankly, I never thought I'd run a company this size, and I always used to joke that I would never run a company where you have to wear a name badge to work," he says. "About five years ago I had to give in to the pressures of my security department. I wear a name badge like everybody else does."
Rapid growth meant the company needed to maintain a laser focus on holding on to its entrepreneurial culture. Flatley spends a lot of time and energy articulating the core values of the company, which include innovation, collaboration, and focus on the product, so they're never forgotten. 
In the interest of keeping an open culture, there are no offices. People can walk into Flatley's cube anytime they want, and the company is organized to be "egalitarian and flat." 
And the company focuses on the product all the way up the ranks. 
"Something that's been distinct about [Illumina] is that most of the senior <keyword id="34454" type="ORGANIZATION" weightage="60" keywordseo="leadership">leadership</keyword> of our company has a strong technology background," Flatley says. "That's distinct from somebody from a very large company who claims to be a great manager but really doesn't know anything about the products or how they're developed or what the technology tradeoffs are or what actually happens in the marketplace."
Also essential is getting and retaining great people. Illumina's economic performance means that they're fortunate enough to be able to get people in the door. Once they're there, the key is to make sure that they stay.
To that end, the hiring process is extremely rigorous, with 15 to 20 interviews for a mid- to senior-level employee. That ensures enough diversity in the people interviewing them that you can be pretty sure they're qualified and a good culture fit. 
"We constantly focus on the point that we can't let our A players hire B players, because then our B players hire C players," Flatley says. "So we're always focused on getting A players in every single position and not compromising even if we desperately want somebody in that position."
Illumina's an intensely ambitious company in a space that has incredible potential. The problems it's facing - competitors nipping at its heels and minimizing growing pains - are ones that many companies would envy. The key will be to stay as ambitious and focused on remaining at the top as it was on getting there.

How Illumina's Gene Sequencing Technology Could Transform Health Care

The government has given companies like <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> and <keyword id="128650" type="COMPANY" weightage="20" keywordseo="Cairn-Energy">Cairn Energy</keyword> one more month to accept its offer to settle retro tax disputes and has extended its one-time tax dispute <keyword id="6359987" type="COMPANY" weightage="20" keywordseo="resolution">resolution</keyword> scheme till January 31st. 
 The <keyword id="45697" type="COMPANY" weightage="20" keywordseo="Direct-Tax">Direct Tax</keyword> Dispute Resolution Scheme was announced by <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> in the budgfor 2016-17 and it seeks not just to settle disputes in retrospective taxes, but end nearly 2.6 lakh pending tax cases where Rs 5.16 lakh crore are locked in. 
 The offer to settle the disputes was to end on December 31, but it has now been extended till January 31, said the <keyword id="121964" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword>). 
 
On May 26, the government had notified the scheme saying it would open on June 1 and close on December 31. 
 
"In the said notification, the figures, letters and words December 31, 2016, the figures, letters and words January 31, 2017, shall be substituted," CBDT said in a notification. 
 
The scheme provides for waiving interest and penalties if the principal amount involved in retrospective tax cases is paid. 
 
For disputes other than the retrospective tax cases, taxpayers, whose appeal is pending as on February 29, 2016 before the CIT (Appeals), can settle cases by paying the disputed tax and interest up to the date of assessment. 
 
For a disputed tax amount of up to Rs 10 lakh, the penalty will be forgone. In cases where the disputed tax amount is above Rs 10 lakh, a penalty of 25 per cent will be levied. 
 
For penalty appeals, the scheme allows the assessee to pay only 25 per cent of the penalty. 
 Through the scheme, the government hopes to settle major retrospective tax cases facing <keyword id="137231" type="COMPANY" weightage="20" keywordseo="Vodafone-group">Vodafone Group</keyword> and Cairn Energy of UK. It also expects a third of the other tax disputes to be settled. 
 
The notification comes against the backdrop of tepid response from companies to the scheme. So far, none of the companies facing the retrospective tax cases have come forward.

Deadline for tax settlements has been extended till January 31 now

<div style="width: 100%; overflow: hidden;">
This is the third of the six-part "<a href="http://www.businessinsider.com/category/inspired-to-strive" target="_blank">Inspired to Strive</a>" series, in which business leaders of middle-market companies share their stories of success. "<a href="http://www.businessinsider.com/category/inspired-to-strive" target="_blank">Inspired to Strive</a>" is sponsored by CIT.
</div>
<a href="http://www.businessinsider.com/category/inspired-to-strive">See more Inspired to Strive &gt;&gt;</a>It is hard to believe that <keyword id="9753" type="ENTERTAINMENT" weightage="60" keywordseo="New-Jersey">New Jersey</keyword>, a state <a href="http://www.mnn.com/earth-matters/energy/stories/new-jersey-an-unlikely-leader-in-solar-energy" target="_blank">where only 3 in 8 days are sunny</a>, is the second largest <keyword id="45681" type="UNKNOWN" weightage="60" keywordseo="Solar">solar</keyword> <keyword id="6357014" type="ENTERTAINMENT" weightage="60" keywordseo="energy">energy</keyword> producing state, after California. While New Jersey lacks California's large population and sunnier weather, the state has developed other strategies to harness solar power. <a href="http://www.petrasolar.com/" target="_blank">Petra Solar</a>, a solar energy technology company that pairs its "smart energy modules" with other vendors' solar panels, has emerged as one of the success stories of the New Jersey's solar power revolution. Instead of focusing on developing solar panels and solar farms, the company has come up with unique technology to distribute and control solar power gathered by the panels in the most optimized way possible.
It combines its smart-grid technology modules with traditional solar panels, which are mounted on roofs or <a href="http://articles.marketwatch.com/2011-06-16/industries/30688874_1_panels-megawatts-of-solar-power-utility-poles" target="_blank">even utility poles in 30 minutes</a>, and works with utility companies rather than individual residential projects.
In 2009, <keyword id="1753199" type="UNKNOWN" weightage="60" keywordseo="Petra-Solar">Petra Solar</keyword> has inked a mammoth $200 million contract with PSE&amp;G, the largest utility company in New Jersey, to distribute and install its solar energy solution all throughout the state.
Rachid Sefrioui, president of Petra Solar with years of experience in investing and in the solar energy field, explains how the company became the leader in the industry, its expansion from Jersey to the Middle East, and what the future holds for solar energy in the <keyword id="21654" type="COMPANY" weightage="60" keywordseo="video">video</keyword> below. 
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Petra Solar Wants To Solve A Basic Problem For The Industry

By Deepa Bakhru and Smriti Gangwal The pace of <keyword id="168300" type="General" weightage="20" keywordseo="digitalisation" source="Orion">digitalisation</keyword> in business activities in India has been a testimony to the tremendous potential of digital transformation. Moreover, with the outbreak of <keyword id="8763838" type="General" weightage="20" keywordseo="COVID-19" source="Orion">COVID-19</keyword>, most business operations moved online, accelerating a digital transformation that has been underway for decades. Today, technology is commonly interwoven into every business function. Companies globally, including in India, are increasing investments on data management and standardisation, <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">artificial intelligence</keyword> and shifting of applications and infrastructure to the cloud. Moreover, the Indian government is also increasingly putting digital strategies at the centre of its policy <a href="https://www.gartner.com/en/newsroom/press-releases/2021-08-19-gartner-india-govt-it-spending-forecast-2022">agendas</a>. There has been a paradigm shift in the mechanism of <keyword id="936384" type="General" weightage="20" keywordseo="filing-tax-returns" source="Orion">filing tax returns</keyword> from manual to e-filing, introduction of GST, faceless assessment and appeal, etc. Also, the Income-tax department has revamped the income tax portal to provide several new features for ease of compliance. The tech industry is eyeing the forthcoming Budget in order to get clarifications on digital taxation to resolve ambiguities in various laws around it. Some of the key expectations of the tech industry from the upcoming <keyword id="10547300" type="General" weightage="20" keywordseo="Budget-2022" source="Orion">Budget 2022</keyword>, are enumerated as under: <ul><li>Presently, there is an ambiguity in relation to the scope of equalisation levy (EQL)provisions, for instance, digital/electronic facilities could be held to cover any communication by way of emails or calls or any other means using the internet. Further, Indian tax treaties do not support the claim of credit of EQL in case of non-residents, in its home country. Therefore, the government needs to provide clarity in terms of scope of EQL and introduce a mechanism for claiming credit of EQL paid by non-residents in the home country. Additionally, a mechanism needs to be introduced for claiming refund/adjustment of excess EQL deposited by the e-commerce operator.</li></ul><ul><li><keyword id="6704918" type="General" weightage="20" keywordseo="Significant-Economic-Presence" source="Orion">Significant Economic Presence</keyword> (SEP) has significantly widened the scope of the term ‘business connection’ with the thresholdsbeing prescribed. Though SEP was introduced to tax digital transactions, based on the wordings of the provisions, it may include physical transactions in its ambit. Further, considering the broad coverage of SEP and EQL, there is an overlap of the transactions covered under both regimes. There could also be tax deducted at source (TDS) impact in case the same is being considered as royalty or fees for technical services (FTS), in case of non-resident taxpayers. The government needs to clarify on the coverage of SEP along with the interplay between SEP, EQL and TDS provisions. Further, clear profit attribution rules also need to be introduced.</li></ul><ul><li>Likewise, clarity is also required on the applicability of EQL/TDS provisions on cloud-based transactions which is currently uncertain due to the contrary positions adopted by taxpayers and tax authorities.</li></ul><ul><li>Relevant amendments are required to be made in the Act to provide clarity on final <a href="https://www.oecd.org/tax/beps/statement-on-a-two-pillar-solution-to-address-the-tax-challenges-arising-from-the-digitalisation-of-the-economy-october-2021.pdf">Pillar </a>provisions including the consequent abolishment of SEP and EQL.</li></ul><ul><li>Recently, there has been an increase in data centre activities being undertaken by captive units in India and with the introduction of data localisation regulations, there has been a surge in the number of data centres being set up in India. Tax authorities have been considering such operations as activities constituting PE for non-residents. Clarifications need to be provided to put an end to the prolonged litigation.</li></ul><ul><li>The tech industry incurs heavy advertising, marketing and promotion (AMP) expenditure for promoting their products which are being considered as capital in nature, leading to additions including transfer pricing adjustments. Clarifications in the tax treatment of AMP expenses is required around the said issue. </li></ul>Additionally, taxpayers also seek the following policy interventions: <ul><li>Refund of input tax credit on capital goods should be permitted; </li><li>Mix of panel members (including independent members) in dispute resolution panel (DRP)should be introduced for better evaluation of merits of each case; and </li><li>Time limits for conclusion of appeals by Commissioner of Income (Appeals) [CIT(A)] and Income Tax Appellate Tribunal (ITAT) should be prescribed.</li></ul><cmsannotation type="cmsannotation" annotationid="Conclusion" comment="subhead" text="Conclusion">Conclusion</cmsannotation> India’s tax regime is being geared up to cover newer tech business models. However, the overlapping of certain provisions and lack of clarity leads to interpretational, administrative and operational challenges to taxpayers. Accordingly, taxpayers are looking forward to clarifications to resolve such ambiguities. Deepa Bakhru is Senior Manager and Smriti Gangwal is Manager with Deloitte Haskins and Sells LLP SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/opinion-tax-consolidation-schemes-need-of-the-hour-for-indias-renewable-energy-sector/articleshow/89118730.cms">OPINION: Tax consolidation schemes is the need of the hour for India’s renewable energy sector</a>

OPINION: These tech issues need clarity and amendments

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersGeorge Soros speaks on stage at the Annual Freedom Award Benefit Event hosted by the International Rescue Committee at the Waldorf-Astoria in New York</div></div></div>Soros Fund Management has a number of new stock picks. One of them is PayPal Holdings, the e-commerce payment provider that was spun from eBay earlier this year. The position was disclosed in the Soros Fund Management 13-F filing, which sets out the fund's long positions as of the end of the third quarter.Soros' position amounts to a bet of more than $137 million, or more than 4.4 million shares. That makes it his ninth biggest holding. PayPal stock shot up for more than 11% the day it began trading earlier this year, but in the time since its stock price has been down slightly.The company's shares rose 3% November 16, the day that Soros Fund Management revealed its holdings.Other new holdings for Soros' fund include CIT Group, in which the fund invested more than $112 million. CIT shares are down more than 13% so far this year.Soros Fund Management also made smaller bets on energy infrastructure firm Schlumberger Ltd., Kraft Heinz Co. and Amazon.com. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/real-estate-investment-james-altucher-buy-rent-2015-11">JAMES ALTUCHER: This is why owning a home is financial suicide</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="0yNjBzeDo1bPwt1rmBJ8yS7MxZE2di07" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

George Soros made a big bet on Paypal

Courtesy of Nicole RoderNicole Roder.<ul class="summary-list"><li><a href="http://nicoleroder.com">Nicole Roder</a> is a freelance writer and former child therapist and foster-care social worker. She has worked with children and adolescents of all ages who have been diagnosed with mood disorders, anxiety disorders, ADHD, and other psychiatric disorders.</li><li>She says that when it comes to parenting children with mental illnesses, avoid comparing them to children who don't have a mental illness - and find a support system among other parents.</li><li>Understand that therapy takes work and that some parenting methods may not be effective for a child with a mental illness.</li><li>Be sure to block off time for having fun with your children - and time to take care of yourself.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Is my child "normal"?Nearly every parent has asked themself that question at some point, even if we don't want to admit it. And though our culture seems to be making progress toward reducing the stigma surrounding mental illness, many of us think of mental-health problems as something that affects other people, not us.As a master's-level social worker who has treated children with a wide range of psychiatric diagnoses, I used to think that way myself. It's tragic that these problems affect so many young people. Thank God this will never happen to my kids.I'm almost embarrassed to admit that I thought that way. I knew that an estimated <a href="https://www.cdc.gov/childrensmentalhealth/data.html">one in six children ages two to eight in the United States</a> has been diagnosed with a mental disorder. I also knew that <a href="https://www.nih.gov/news-events/nih-research-matters/common-genetic-factors-found-5-mental-disorders">psychiatric disorders are often hereditary</a>, and I have a family history of anxiety and depression. The odds that one of these disorders would affect one of my children were pretty good.Now, many years later, I have four kids, and three of them have been diagnosed with a mental illness. Even though I am a mental-health professional, I felt utterly unprepared to parent one child with a mental illness, let alone three.After my first child was born, I chose not to renew my license to practice social work. That's when I began the next phase of my mental-health education: parenting children with mental illnesses. Fortunately, I have learned a few lessons the hard way. I offer them to you.<h2>Don't try to compare your child to other children without diagnoses</h2>Children with mental illnesses require a different style of parenting, and some things you have tried with your other kids just won't work.I can't count the number of parenting books I've read. I've pored over expert advice for managing kids' behavior and dutifully implemented time-outs, reward charts, and stern, authoritative commands. I've begun each new "method" feeling hopeful that this one would be the one, only to finish it feeling defeated and hopeless.The problem with these books is that they are written for parents of neurotypical children. It's not impossible that their methods will work for your child. It's just that there are other factors at play that might make them work differently.For example, my son has explosive anger issues. He most definitely receives consequences for yelling, hitting, and kicking. But he also has coping tools that he's learned in therapy that we pull out when he's starting to melt down. One of his tools is snuggling our dogs. When he yells at me, I tell him to go snuggle the dogs. After he's calm, I give him his consequence.Some parents might think of snuggling the dogs as a reward for bad behavior, but for my son it's more like medicine.If your child is not responding to traditional techniques that work with neurotypical children, I recommend that you talk with your therapist about tools that can help.<h2>Your friends won't get it, so talk to other parents who do</h2>I've listened to other moms complain about their toddlers' tantrums and thought, My kid attempted suicide last week. I'd love a "regular tantrum."This doesn't help. Forget about what's happening in your Instagram feed and find a group of parents who are also parenting kids with mental illnesses.I have two such friends. Recently, I called one of them in tears because my son's symptoms had gotten worse and I didn't know what to do. A tiny demand from me sent him into a meltdown. He was punching, biting, and throwing things at me.A parent of a child without a mental illness would've been thoroughly confused. I would've spent the entire conversation explaining how my son's mental illness affects his behavior and how I'd already tried every "regular" method of controlling it.But my friend had been there before, so she told me the truth: I needed professional help, ASAP. She gave me some phone numbers and offered to babysit my other kids so I could get my son to a provider right away.You need a tribe of parents who know what you're going through. You might find them locally or through a social-media group. The National Alliance on Mental Illness has family support groups all over the country - you can <a href="https://www.nami.org/find-support/nami-programs/nami-family-support-group">search for one in your area here</a>. Or you might try a Facebook group for parents of children with mental illnesses.Even if your tribe is online only, they can still offer you support and empathy that would be difficult for other people to muster.<h2>Therapy is not passive; it requires work</h2>Many people start therapy thinking that they're going to receive some magic pill that will "fix" their mental-health problems. I wish it were that easy.The truth is that therapy is work, and most of the job falls on the patient and their parents.This might be a bit surprising at first, but the rationale is simple. You don't live your life inside a therapy room. If your child is depressed or anxious at home or at school, that's where you will have to address those problems. Therapy is a place to learn how to do that.<h2>Know the symptoms of your child's illness and work with a therapist on an action plan for dealing with them</h2>The good news is that your therapist probably has a huge bucket of tools to pull from when teaching you how to handle your child's symptoms. The bad news is that you might have to try several of them before you find one that works.Therapists and psychiatrists have lots of knowledge and research to draw from when it comes to choosing treatment modalities. They know which drugs and therapeutic techniques are most likely to work for people with certain conditions. But that doesn't mean they'll get it right on the first try.My son's therapist started off by teaching him to take deep breaths or to count to 10 when he started to feel angry. My job was to recognize the signs that an anger episode was coming and remind my son to use his tools.This should have worked. It would have worked, if my son had followed my instructions. Unfortunately, whenever I reminded him to take a deep breath, his anxiety would kick in and convince him that deep breaths don't work. He'd panic, insist I couldn't help him, and never even try to take a deep breath.It was a mobile crisis worker who helped him identify the puppy-snuggling technique. This worker asked my son what usually helped him to calm down, and the dogs instantly came to mind. Now we know that if he starts to panic, he goes to the dogs.<h2>Know your community resources</h2>Speaking of mobile crisis workers, these people are a godsend. They have helped my family tremendously. They are part of a program called <a href="http://citinternational.org">Crisis Intervention Team</a> that is globally recognized as an effective model for assisting people with mental illnesses who are experiencing a crisis. Think of them as mental-health first responders.As I mentioned above, there are many children with mental illnesses, and many of these children are in crisis. Suicide attempts and other violence are not uncommon. The systems we traditionally use to help people in emergency situations are ill-equipped for mental-health crises, and too many children with mental illnesses end up in juvenile detention or psychiatric hospitals as a result.The CIT workers can help people with mental disorders access treatment resources rather than place them in the criminal justice system when their symptoms put them in crisis. I have had to call 911 because of my child's mental illness twice now. The first time was a disaster: Only police officers were sent, and these officers shouted at my son, berated my parenting, and argued with me about his diagnosis. The second time, I knew to call the CIT as well. The workers turned a stressful, difficult incident into a therapeutic one, and I couldn't be more grateful.Many parts of the country have community organizations and hospitals that specialize in treating mental illnesses. You can <a href="http://citinternational.org/stateCITorgs">find contact information for a CIT in your state here</a>. You might also want to Google "mental health community organizations near me" to find out what other resources are available in your area.Find out where these places are, and save their contact information in your phone. Chances are you'll need them at some point.<h2>Psychiatric drugs should be prescribed by psychiatrists, not your pediatrician</h2>All three of my children with mental illnesses take prescription drugs to treat their disorders. These medications can be extremely effective and improve quality of life tremendously.But taking psychiatric drugs without an evaluation from a mental-health provider can be dangerous, ineffective, or both. Unfortunately, this is exactly what many Americans are doing when they get psychiatric prescriptions from their pediatricians and general practitioners.A <a href="https://www.cdc.gov/nchs/products/databriefs/db76.htm">study by the US Centers for Disease Control and Prevention</a> from 2005 to 2008 found that more than one in 10 Americans age 12 and older were taking antidepressant medication. But less than one-third of those people had seen a mental-health professional in the past year. This is a serious problem.General practitioners do not have the right training to recognize when a patient might be better served by other evidence-based treatments, like cognitive behavioral therapy or play therapy. Even when medication is appropriate, GPs don't have the expertise to know which medication will best treat your child's symptoms with the least risk of troublesome side effects.For example, symptoms of depression are somewhat subjective. They can include fatigue, difficulty concentrating, social withdrawal, irritability, and sadness, among other things. A pediatrician might see those symptoms and think "depression," then prescribe an SSRI (a selective serotonin reuptake inhibitor) like Prozac.The problem is that these symptoms might also indicate other disorders, such as anxiety, disruptive mood dysregulation disorder, or ADHD. A skilled mental-health professional can interview the child and parent and apply their expertise to determine which of these diagnoses is most appropriate and therefore which medication would work best.I learned the hard way that Prozac, a common prescription for depression and anxiety, can actually increase irritability and rage in children with DMDD.Whenever possible, you should take your child to see a pediatric psychiatrist or psychiatric nurse practitioner for any psychiatric prescription drugs. And any child taking psychotropic medications should also see a therapist to learn the skills necessary to manage their symptoms every day.If you absolutely can't access one of these providers, ask your doctor to read the <a href="https://www.apa.org/practice/guidelines">treatment guidelines developed by the American Psychological Association</a>. This might help them to choose better treatments for your child.<h2>Parenting a child with a mental illness is hard, and it's a lot of work</h2>It's important to remember that your relationship with your child isn't all about work and mental-health care. A good parent-child bond is built on love, trust, respect - and fun. Even though you love someone deeply, it's hard to really like that person if everything you do with them involves work.Here's what my typical day looks like:Get the kids up. Stand in my daughter's room while she gets out of bed so that she doesn't go back to sleep. Give gentle reminders, using my "therapy words," to get her through her morning routine. De-escalate a tantrum. Prevent disruptions by speaking in a calming voice, even through the morning rush to get ready for school. De-escalate another tantrum. Drive someone to therapy. Fail to de-escalate a tantrum and hold a child down so he doesn't bite me. Teach someone how to appropriately express their feelings for the millionth time. Talk to a teacher about missing assignments. Referee a sibling fight while I'm cooking dinner. Forget to use my calming voice and work through yet another tantrum.And on. And on. And on.Who wants to live life that way? I don't, and I'm guessing you don't either. But if we're not careful, days and weeks can get swallowed up by the sheer volume of work.That means you need to spend some time together doing things you both enjoy. When you're balancing school, work, and therapy appointments, it might seem like a chore to pencil in yet another thing. But it's so important, and I promise it's worth it. The fun stuff doesn't even have to take up a lot of time. My kids and I have a blast laughing with each other when we look at funny dog memes on my phone while we're in the therapist's waiting room.Need more ideas? Feel free to use one of mine:<ul><li>Tell a story by letting each family member take a turn adding the next detail. Make it as silly as possible.</li><li>Play a board game.</li><li>Make up a silly voice for your pet and have "conversations" where you let the kids answer in your pet's voice.</li><li>Talk like a pirate for an afternoon.</li><li>Play "What If?" - ask your child what would happen if their favorite TV character had to do this homework assignment, or how their school day would change if they had to learn underwater.</li><li>Have a dance party in your living room.</li><li>Look through old photos on your phone and reminisce about your favorite memories.</li><li>Tell them the story of the day they were born.</li></ul><h2>Take care of your own mental health</h2>Several studies have found that parents of children with developmental disabilities experience more <a href="https://www.aaiddjournals.org/doi/abs/10.1352/0895-8017(2006)111%5b155:MOCSOD%5d2.0.CO;2">symptoms of depression</a> than parents of neurotypical children. It's not hard to see why. Parenting children with mental illnesses is stressful, hard work. And while you have this overwhelming responsibility to care for your child and their needs, you can't forget to take care of yourself, too.We put a massive amount of time and energy into parenting our kids. But we can't do it - literally cannot function - if we don't first take care of ourselves.If you've ever flown on an airplane, you've gotten the flight-attendant safety spiel: "In case of a drop in cabin pressure, face masks will drop from the ceiling. Be sure to secure your own face mask before helping others."I'm sure you know why you have to secure your own mask first: It's impossible to help your child breathe if you can't breathe yourself.If you're parenting a child with a mental illness while living with untreated depression, you can't breathe, mama. You need to see your own therapist, take your own meds, or do whatever else you need to do to stay mentally healthy. <h3>NOW WATCH: <a href="https://www.businessinsider.com/adam-grant-on-narcissism-happiness-leadership-careers-at-davos-2020-1">Leading behavioral psychologist reveals how to be a successful narcissist and why you should stop trying to be happy</a></h3>

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