v: Contract

[AdityaNayak]

Here is more on why we do so:
We like to engage with each other as free self-responsible individuals, without a bureaucrat dictating what can and can not be done.
You should only be here because you want to be, not because you 'have' to by some law.
As a corollary, it incentivizes us to create a culture that entices A-players to stay and easy enough for others to leave.
The idea of permanancy is untrue. People work together when cooperation is a better choice for them, not because a law says so.
Do not expect a boss-employee relationship. We are all co-passengers on the same journey, albeit ephemeral (in the larger scheme of things).
PS: This approach also translates into lower taxes for each individual.

Taxes:
Taxes are applicable on only 50% of your income, at the standard rates. Read: How it works.
With the current tax slabs, if your income is under ₹10 lakhs, your tax bill is 0.
Applicable TDS is at a flat 10%. Read: How it works.
You can view your TDS balance at Section 26AS.
TDS rate has been reduced to 7.5% by the Indian government for this fiscal year, as part of the Covid relief package.