Tds on salary - tax exemption - fy 14-15

Dear All,

We have been deducting TDS on salary as per govt rules ,  As year end for FY 14-15 is in sight I hear we have to collect the following bills / receipts from the employees for tax exemption,

House Rent
Home Loan
Telephone/ Petrol Reimbursement etc.

But once in receipt of the bill/receipts from the employess what would be the next step & how would we exempt the tax.

I am a newbie to all the above issues & need your kind help.

Thanks in advance