Thanks for your question, I will try my best to answer this.
Question #01: 1. We have included only 3 components in salary breakup (BASIC, HRA and SPECIAL ALLOWANCE). Is it mandatory to add any more components?
All the necessary components are added. Since Medical as a component is not mandatory no problem on this.
Question #02: We do not declare the bonus beforehand. We give away bonus during Diwali as per Company and Individual employee performance. Is this practice accepted?
You need not convey the bonus amount in advance - but as per statutory you might have to follow some guidelines which I’ve shared a link at the bottom for detailed explanation.
Question #03: Our firm is not yet eligible for PF or ESIC. Is that fine to not apply for PF/ESIC if we don’t exceed 20 employees?
Not mandatory if you’re not in the slab for compulsary compensation - but in-order to attract talents and retain employees - safeguarding their future you might think about them as now almost all the companies offer them as a basic benefit.