Tax for consultants vis-a-vis full time employee

Hey there CA gurus - I need your advice with something here. I'm in discussion with a startup and we are trying to make sure that I get the maximum take home. In the discussion we thought of having me as consultant instead of a full time employee. I believe if you're a consultant you're applicable for only TDS and not income tax. Is that correct? What are your suggestions on this how to get the maximum take home. Second question, will being a consultant affect the transfer of ESOPs? Please suggest. Thanks in advance Prabhat