Consider the following statements regarding the political funding of elections in India.

1. The parties are required to disclose income but not expenditure, while it’s the other way round for candidates.

2. Parties use loopholes in the law to avoid disclosing identities for corporate donations as they are mostly done off-the-books, mainly to avoid reprisals in case the opposing party wins.

3. The candidates grossly underreport expenditure, most of which is given by their parties, as parties have no ceiling on expenditure.

4. Currently, there is no law regarding countermanding election in case of use of Money power.

Which of the statements given above is/are correct?