Where any payment is made by a specified person to a resident for the following reasons—

(a) entering into any contract other than a contract for providing or rendering a service referred to in any other section of Part 7;

(b) supply of goods;

(c) manufacture, processing or conversion;

(d) printing, packaging or binding,

in such case, the person responsible for the said payment shall, at the time of making such payment, deduct tax at such rate not exceeding 10% (ten percent) on the base value, as may be prescribed.