How Should a Small IT Company Design a Salary Slip Structure Without Deductions?

Our company is a small IT company that is a Private Limited entity, established two years ago. Currently, we have around 20 employees and there is a growing demand for the introduction of salary slips.

As of now, there have been no deductions made from the salaries. I would appreciate it if you could suggest a suitable structure for the salary slip. The following is the structure I have drafted; please review it and advise if it aligns with the regulations and framework, or if any modifications are required:

- Basic: 50%
- HRA: 25%
- Special Allowance: 15%
- Conveyance: 10%
- Total: 100%

Salary breakups are a management call and not mandated by law. You may want to keep Basic at 40% to circumvent future responsibilities. HRA should be a percentage of Basic based on the place of posting. You may look at a few tax-friendly options, like meal vouchers, etc.