Option under section 115BAA: companies may apply via prescribed form with an irrevocable compliance affirmation. Application to exercise the corporate option under the preferential tax regime is effected by filing Form No. 10-IC with the assessing officer, supplying company particulars and disclosure of any IFSC units, and indicating whether a prior option under the alternate preferential regime was exercised and withdrawn. The form requires an express affirmation that the statutory conditions for the regime will be satisfied, records that the election is irrevocable once made for any previous year, and must be signed by the principal officer with name, designation and address.