Tax saving for consultant

You can show these as expenses and your income would be calculated as

Income = Gross Sales - Expenses

Tax on the income computed as per the above formula would be liable to be paid as per the income tax slabs.

How did you arrive at this figure of 50200/- pm ? Is this your net profit or your revenue? 

You will have to deduct expenses incurred to generate this income from your revenue to arrive at the net profit. This net profit shall be taxable, and the TDS can be claimed as tax credit.

if you are running your business and that income is not your salary income then you claim expenses

if that income is salary income then what are its effetcs ??