Presuming that your annual income is 13.80 L (67500+47500)x12, find enclosed the suggested pay structure. You can try more options at provided weblink.
Just remember following things:
Employer's Contribution to PF is exempt from Income Tax
your contribution to PF is deductible u/s 80C (max 1 lac)
Gratuity is taxable in the year of receipt and that also with certain exemptions, whereas employer shall get the expense deductible in the current year only.
Medical reimb. exempt upto 15000 p.a.
LTA exempt upto 15000 p.a.
Convey allow exempt utp 9600 p.a.
HRA is also exempt depending upon actual rent paid by you.
Rajiv