It has also proposed to fix corporate income tax rate at 30 per cent inclusive of surcharges and cesses - down from the current 33 per cent.
It has also proposed a Minimum Alternate Tax (MAT) of 20 per cent, instead of the present 18 per cent, on book profits of companies.
After its introduction in Parliament, the Bill will be examined by a Standing Committee.
The Bill is also likely to propose to continue with exempt-exempt-exempt (EEE) method of taxation on investments up to Rs 3 lakh.
The first draft of the Bill, unveiled in August last year, had suggested a 10 per cent tax on income between Rs 1.6-10 lakh, 20 per cent on income between Rs 10-25 lakh and 30 per cent beyond that.
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Finance Minister Pranab Mukherjee is likely to introduce the Direct Taxes Code (DTC) Bill in Parliament today.
