The competent authority to dissolve the Parliament is the President. This means that the President has the power to bring an end to the current session of Parliament before the completion of its term. It is important to note that this power can be exercised only on the advice of the Council of Ministers headed by the Prime Minister. The President cannot dissolve the Parliament on their own, but must act on the advice of the Cabinet. Therefore, option 2, which suggests that the Cabinet with the concurrence of the Leader of the Opposition can dissolve the Parliament, is incorrect. Option 3, which suggests dissolution by resolution in both Houses of Parliament, is also incorrect. The correct answer is option 1.