It's a sound official practice to first get your remuneration policy right. Of course, as a private firm, you'll have the liberty to alter your structure as and when required. However, at the same time, when you make it a policy framework, such an admin can help you in the future to make appropriate decisions.
What is required and you should be clear on is:
i) Keep track of the state's minimum wage stipulations.
ii) Monitor the trend in the salaries of other competitors in the same sector.
iii) There is nothing wrong with keeping the structure flexible to meet compulsions. At the same time, keep them commonly applicable to all item-wise. The amounts may vary from person to person and status. For example, instead of conveyance, you may introduce petrol allowance at actuals for senior members who use cars, lunch allowance/food coupons for all, entertainment allowance, or reimbursement of business promotional expenses for those involved in direct customer rapport, etc.
iv) Observe statutory requirements in letter and spirit - remittance of Prof. Tax/TDS, maintenance of records, submission of reports, and returns, etc.
v) You are free to, if necessary, add or delete components in the structure without tinkering with the basics.
The Basic should be Rs. 2,10,000 (per annum), others are okay. I believe you are finalizing the package on a CTC basis. If yes, you may have to consider revealing other 'annual charges/components' to make up the CTC package.
All the best.