Deemed application option under charitable income rules requires Form 108 details, reasons, and trustee or principal officer signature. Form No. 108 prescribes the particulars required for a registered non-profit organisation to exercise the option under section 341(7) in respect of regular income applied for charitable or religious purposes in India. It requires details of the applicant, regular income, the amount for which the option is exercised, and the reasons for doing so, including income not received during the tax year or any other reason. The declaration is to be signed by a trustee or principal officer and submitted to the Assessing Officer.