Option 1 states that Part IX of the Indian Constitution provides for Panchayats and was inserted by the Constitution (73rd Amendment) Act, 1992. This statement is correct.

Option 2, however, is incorrect. While it is true that Part IX A of the Constitution details provisions for municipalities, Article 243 Q does not dictate that there must be both a Municipal Council and a Municipal Corporation for every state. Rather, it states that in every state there will be municipalities which may be classified as Nagar Panchayat for a transitional area (area in transition from a rural area to an urban area), a Municipal Council for a smaller urban area, and a Municipal Corporation for a larger urban area. Thus option 2 is incorrect because it inaccurately characterizes Article 243 Q.

Since only the first statement is correct, the correct answer is `1 only`.