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of <h1>Application for Exercising or Withdrawing Option Under Section 115BAC of Income-tax Act for Individuals or HUFs</h1> This form is an application for exercising or withdrawing the option under clause (i) of sub-section (5) of section 115BAC of the Income-tax Act, 1961. It is addressed to the Assessing Officer and requires details such as the name and PAN of the individual or Hindu Undivided Family (HUF), business income status, and any units in an International Financial Services Centre (IFSC). The form also includes declarations about previous exercises or withdrawals of the option and affirms compliance with section 115BAC conditions. The form must be signed by the individual, Karta of the HUF, or an authorized representative.
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