Dear Swati,
I would like to re-structure the format. Since it is for higher grade where TDS rate is high. So it is advisable to make tax friendly structure. Note my observations:-
1. There are certain components which are re-reimbursement nature. If you don't pay them with monthly salary and pay against submission of bills/ documentary evidence (Monthly / Quarterly / Annually or as per company policy). Than that amount will not countable as Taxable Income and employee have to bear less TDS.
2. Generally the HRA should be 40% (Non-metro City) and 50% (Metro City), but you have shown above 50%.
3. Instead of paying monthly / annually, the LTA amount should also be paid as per LTA Policy Norms and Tax Benefit period (Block period concept). This will also reduce Tax burden of the employees.
Fellow senior members can suggest more views on the matter.