India's Finance Minister Pranab Mukherjee will not present a major tax reform to bring down corporate tax and simplify income tax rules this month, the Business Standard daily said on Friday, citing unnamed sources.

The Direct Taxes Code bill was expected to be presented in the budget session of parliament beginning on Feb 22, with the aim of coming into effect from April next year.

There were several complications in the Direct Taxes Code in its present form, and it required further scrutiny, the newspaper said, citing unnamed senior government official.

The Business Standard added that the government may delay the major tax reform bill to the next session of parliament, which starts in July.