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Option 1: If the Election Commission is satisfied that a candidate has failed to lodge an account of election expenses, within the prescribed time and in the manner, for no good reason or justification, the period for which the EC can disqualify the candidate from being a member or continuing to be a member of the elected office is 2 years.
Option 2: This is the correct answer. If a candidate fails to lodge an account of election expenses within the prescribed time and in the proper manner without any valid reason or justification, the Election Commission can disqualify the candidate from being a member or continuing to be a member of the elected office for a period of 3 years.
Option 3: If the Election Commission is satisfied that a candidate has failed to lodge an account of election expenses, within the prescribed time and in the manner, for no good reason or justification, the period of disqualification is not 4 years.
Option 4: If the Election Commission is satisfied that a candidate has failed to lodge an account of election expenses, within the prescribed time and in the manner, for no good reason or justification, the period of disqualification is not 5 years.