The Explanation for each option:

Option 1 suggests that statements 1 and 2 are correct. Statement 1 is incorrect because the Election Commission of India is not a five-member body, it is a three-member body. Statement 2 is also incorrect as it is the Election Commission that decides the election schedule for the conduct of both general elections and bye-elections, not the Union Ministry of Home Affairs.

Option 2 suggests that only statement 2 is correct. However, this is incorrect because, as mentioned before, it is actually the Election Commission that is responsible for deciding the election schedule.

Option 3 suggests that statements 2 and 3 are correct. Statement 3 is indeed correct as the Election Commission does resolve the disputes relating to splits/mergers of recognised political parties. But, Statement 2 is incorrect for the reasons stated in options 1 and 2.

Option 4 suggests that only statement 3 is correct, which matches with the correct answer. The only accurate statement among the options given is statement 3 about the Election Commission resolving disputes related to splits or mergers of recognized political parties. This is consistent with the authorities granted to it.