Suppose my friend has to transfer to someone a big amount using debit card. Since he doesn't have a debit card, he transferred the same amount to my bank account via cash and asked me to make transaction using my debit card.
I made the payment for him using my debit card once the amount got credited to my bank account.
Since that amount is shown as credit in my bank statement, do I have to pay tax for it? Also, Are there chances that it can cause tax problem in future?