Salary Structuring To Save Maximum Tax For Salary Above 5 Lac [20% Tax Slab]

Hi All,
I have joined a new company in Bangalore, where they have offered to pay me a gross CTC of 5 Lac 50 Thousand per annum. As its not a big organization, they have given me the option to let them know how to design the salary structure. Can someone help me to design a salary structure by which I can stay safe from falling under 20% tax slab as the CTC will be over 5 Lacs? Please note that the PF deduction will not be applicable as the company is yet to enroll for PF due to low employee strength. As my position is of Operation Manager, they have offered to include variables like fuel component, food expense, mobile expense, periodicals / magazine subscription, broadband / data card expense etc, like my previous company (which will be deductible unless bills are submitted) to reduce the taxation. Kindly advise.

Assuming there is no PF and ESI. The Following Should be Your Structure.
1) Transport Allowance : 19200 annually or 1600 per month
2) If You have Children 100 Rs per month per child (max 2 child) can be children education allowance.
3) HRA Should be least of the following :-

Least of the following is exempt:
a) Actual HRA Received
b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Madras)
c) Rent paid minus 10% of salary
* Salary= Basic + DA (if part of retirement benefit) + Turnover based Commission
Note:
i. Fully Taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent
ii. It is mandatory for employee to report PAN of the landlord to the employer if rent paid is more than Rs. 1,00,000 [Circular No. 08 /2013 dated 10th October, 2013].
Other portion is Taxable. See this for all details Indian Labour Laws & Shram Suvidha Simplified