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of <h1>Finance Act 2001 amends Income-tax Act, section 35: Defines 'specified person' and clarifies biotech research expenses.</h1> The Finance Act, 2001 amends section 35 of the Income-tax Act, effective April 1, 2002. In sub-section (2AA), the term 'specified person' is added to include those approved by the prescribed authority alongside universities and Indian Institutes of Technology. In sub-section (2AB), the amendment specifies businesses of biotechnology and clarifies that 'expenditure on scientific research' for drugs and pharmaceuticals includes costs related to clinical drug trials, regulatory approvals, and patent applications under the Patents Act, 1970.
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