What is the basis on which the subdivisions in a geological time scale are made

 The geologic time scale is divided into periods, which are then divided into epochs, which are further divided into ages. For example, the time of the dinosaurs lasted 3 periods (Triassic, Jurassic, Cretaceous), each period had 3 epochs (late, early, middle), and each age fit into one of those. Many epochs have more than 1 age associated with them. 
As for the basis for differentiating the eras, I'm not so sure. The only one I can say for sure is the end of the Cretaceous, which is when the dinosaurs suddenly became extinct due to a meteor impact. I think the divisions are based on significant, global-scale events that changed the world.

Sorry its so long but that the answer i think >:) ur welcome