Professor Mehta has presented the ideas of each part with the definition of public finance. 

The views of Professor Mehta on public finance can be presented under the following headings :

i. Definition of Public Finance : Mehta has clarified that the meaning of the word public is the state. It studies the state’s financial resources and their consumption.

ii. Public Income : According to Professor Mehta, income is the means and public expenditure is the achievable objective. Public income is received for public expenditure. 

Professor Mehta has divided the public income into four parts :

1. Tax 

2. Fees 

3. Duty 

4. Miscellaneous Sources

iii. Public Expenses : According to Mehta, the public expenditure has the same place in public finance as consumption has in the study of economics. It is a resource dedicated by the state as a service to society. 

Professor Mehta has split public expenditure into a new form in two ways :

1. Fixed Expenses 

2. Variable Expenses

iv. Public Debt : According to Mehta, when a person starts borrowing the money, it becomes his habit. He does this without keeping his financial status in mind. This trend is also true in the context of states.