Explanation:

In the history of Panchayati Raj in India, on 24 April 1993, the Constitutional (73rd Amendment) Act 1992 came into force to provide constitutional status to the Panchayati Raj institutions. Panchayats shall have a uniform five year term and elections to constitute new bodies shall be completed before the expiry of the term. In the event of dissolution, an election will be compulsorily held within six months. Hence option 3rd is correct.