Step 1: Review the role of the President of India.
The President is the head of state and the supreme commander of the armed forces. However, most of the powers are exercised on the advice of the Union Council of Ministers.
Step 2: The role of the Union Council of Ministers.
Article 74 of the Indian Constitution specifically mentions that the President shall act in accordance with the advice given by the Union Council of Ministers, which is headed by the Prime Minister. This advice is binding on the President.
In most matters, the President is guided by the Council of Ministers, though in certain situations (like constitutional interpretation), other authorities like the Supreme Court may be consulted.
Step 3: Conclusion.
The Union Council of Ministers is the body that formally advises the President on most matters of governance. Thus, the correct answer is (3).