President Pranab Mukherjee has given assent to the Taxation Laws (Second Amendment) Bill 2016 which was passed by Lok Sabha last month as a money bill without discussion amidst opposition uproar over demonetization issue. <br/><br/>Later, the Bill was sent to the Rajya Sabha but it could not take up the legislation following the deadlock between the government and the opposition. Since it was a money bill, it was deemed passed within 14 days from the Rajya Sabha, if the Upper House did not return it. <br/><br/>The Bill has proposed levy of a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent in respect of those who are caught. Opposition parties had approached the President against the manner the bill was passed in the Lok Sabha. <br/><br/>