India's federal cabinet will Thursday discuss the direct tax code bill, which seeks to make sweeping changes to corporate and personal income tax structures, the junior minister for finance said.

"If the cabinet approves the bill, it will be introduced in parliament on Monday," S.S. Palani Manickam told Dow Jones Newswires.

The government unveiled the initial draft bill last August and sought suggestions from experts in a discussion paper that was launched in June.