What are differences between permanent vs contract employee in indian software companies

Please note the following points:-

1. PF is applicable upto 25k per month salary, if you are drawing more than that you are not eligible for epf contribution.

2. Gratuity is applicable if an employee completes his five year of continuous service in a company then he is entitled to gratuity and only when he resigns from the company after completion of five years of continuous service.

3. In case of a contract/consultant employee, tds @ 10% iis deducted under section 194J from his monthly payout and in case of a permanent employee, he is taxed under section 192 of the Income tax act. 

4.In case of permanent employee some notice period is given, but in case of contract employee, his services are terminated after completion of contract period.