Are the Prizes and Awards taxable in India?

50k is the limit for gifts in an financial year.

All these prizes & awards come under that category.

Your employer will take care of it in tds. No need to pay additional taxes by yourself. Final tax will be on total income.
5000 from this amount is exempted in the old regime.
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The bonus that you receive from your employer is considered as Income under the head Salary, and tax on such bonus is applicable for the same financial year when your employer declares it. There is no separate rule to calculate tax on bonus.
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I think you are confusing it with lottery, award prize money.

any cash payment received from employer, in whatever name called, is treated and taxed as salary.

non-cash benefits in excess of 5K are taxed as perquisite.