Are Reward and Recognition awards taxable?

Yes, As per Section 17(2)(viii) of the Income Tax Act, 1961 read with Rule 3(7)(iv) of the Income Tax Rules, 1962 any gift received from the employer, of a sum exceeding Rs5,000, is treated as taxable compensation in the hand of the employee. Employer is required to withhold taxes from the salary in respect of such a gift.

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