Tax on interest on savings a/c

Suraj (819 Points)

04 July 2012  
In recent budget, it was announced that interest on savings a/c will be exempt up to Rs. 10,000/- from FY 2012-13. But I also heard that it is applicable even for FY 2011-12 i.e. If person has only salary & interest on savings a/c, then the same is applicable to him. Is it true? Or there is no such exemption for FY 2011-12.