FY14-15 and AY14-15

If on July 15th, 2014, the FM in his budget announces that the maximum amount not chargeable to tax is Rs.5,00,000 ( for every individual who is of the 60 to 80 years) will this be applicable to FY 14-15 only or will this be applicable to Assessment Year AY14-15 also?

As per the news, the government is likely to present the 2014-15 Union Budget in the second week of July 2014. This means the budget shall be applicable for FY 2014-15 only