Settings for printing in Active Directory:
1. Click Start > Programs > Administrative Tools > Active Directory Users and Computers.
2. Click the Active Directory container of the domain u want to manage. Right-click that container, and then click Properties.
3. Click the Group Policy tab > click New to create a "New" Group Policy.
4. In Group Policy Editor, expand the following folders: Computer Configuration, Administrative Templates, and Printers. Now do set as per ur requirements
Settings permissions for users in Active Directory:
1. Same as no 1
2. Same as no 2
3. Click New to create a "New" Group Policy.
4. In Group Policy editor, expand the following folders: User Configuration, Administrative Templates, Control Panel, and Printers. And the setup as per ur requirements.
“Now do set as per ur requirements”
Is there a setting to allow or disallow printing in color ?
If you need 3rd party tool for it try PaperCut NG. I used it in my previous company for better control over missuse of printer.