Limit of Rs. 50 lakhs under section 194q

Yes.                                          

194Q. [1] Any person, being a buyer who is responsible for paying any sum to any resident [hereafter in this section referred to as the seller] for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent of such sum exceeding fifty lakh rupees as income-tax.

in section given as any previous year

Yes , these have to be checked in case of a company public and private.