If $B$ is a $k$-algebra, let $T^1(B/k;M)$ denote the first cotangent functor. It classifies first order deformations of the scheme $\mathrm{Spec} B$.
Now, if $X \subset \mathbb P^n$ is a smooth projective scheme, we can look at its homogeneous coordinate ring $B$. Then $T^1(B/k;B)$ is a graded module, an under certain conditions it is true that its degree zero part classifies first order deformations of the projective scheme $X$.
For example, I've computed in Macaulay2 that for the quintic, $T^1(B/k;B)_0=k^{101}$ which agrees with $\dim_k H^1(X,\mathcal T_X)$.
It appears that it is a folklore result that $T^1(B/k;B)_0=H^1(X,\mathcal T_X)$, when $X$ is a smooth projective scheme, but I haven't been able to find a reference for this fact.
I'm grateful for a reference or a proof (and also under what restrictions this statement is true).