Explanation:

First Buddhist Council It was held soon after the Mahaparinirvan of the Buddha, around 483 BC under the patronage of King Ajatshatru. It was presided by Mahakasyapa, a monk. The council was held in the Sattapani cave at Rajgriha. The council was held with the purpose of preserving Buddha’s teachings (Sutta) and rules for disciples. During this council, the teachings of Buddha were divided into three Pitakas. The significance of the First Council is that 500 senior monks adopted the Vinaya-pitaka and Sutta-pitaka as the accurate teaching of the Buddha, to be remembered and kept by generations of nuns and monks to come. Second Buddhist Council The Second Buddhist Council was held at Vaisali (or Vaishali), an ancient city in what is now the state of Bihar in northern India, bordering Nepal under the patronage of King Kalasoka while it was presided by Sabakami. This Council probably was held about a century after the first one, or about 383 BCE. It was called to discuss monastic practices, in particular whether monks could be allowed to handle money. Third Buddhist Council It was held in 250 BC at Pataliputra under the patronage of King Asoka. It was presided by Moggliputta Tissa. The third part of the Tripitaka was coded in the Pali language. This Council appears to have met to compose commentaries on the Tipitika. Fourth Buddhist Council The fourth Buddhist council was held in 72 AD at Kundalvana, Kashmir. It was presided by Vasumitra, while Asvaghosa was his deputy. The council was held under the patronage of Kushan King Kanishka of Kushan Empire. Buddhism was divided into two sects namely Mahayan and Hinayan.