What is my tax liability being a contract to a US company in India?

Hello All,

I've recently been asked to work as a contract for this American company as a full resource under "Technical Consulting Service". So, they are going to pay me every month from outside India directly into my bank account (wire transfer). I was asked to get the help of a CA to know more about my Tax liabilities. 

Can you please help me with understanding what's the difference between being a salaried individual for a company in India and being a contract to some company outside India? Also, about my tax liability, TDS if there's any, informing bank (SB) and how to save on Tax?

Thanks for the help!