Employee cash awards are taxable in hands of employee ?
Yes they are!
They come under employee benefits and can be done as One time tax or added to the regular IT and deducted over the year.
But yes they are taxable
Gifts from an employer to employee is taxable as perquisites if their value is more than Rs 5,000.
The Rs 5,000 limit is for an entire financial year.
“If the employer doesn’t deduct tax at source, the employee will need to declare
the gift under the head “salaries” in the income tax return (ITR)