CA Aashna Mulgaonkar: A Trusted Name in Tax and Financial Advisory 

Helping businesses navigate taxation, transfer pricing, structuring, transactions, and growth through GDT Associates and TransPrice GDT! 

A balance sheet can tell you what a business owns and owes. It can show profits, costs and liabilities. It can also sit at the centre of a decision that affects a company, a family, a career or its future. For business owners and CFOs dealing with taxation, structuring, transfer pricing, transactions and growth, understanding the numbers is only part of the challenge. The harder question is often what those numbers mean for the decision before them. CA Aashna Mulgaonkar has built her career around helping businesses answer that question. 

Her own understanding of finance began in banking. It was there that she learned very early that numbers are never just numbers. Behind every balance sheet is a business, a family, a decision, a risk or an ambition. That understanding stayed with her and eventually shaped the way she approached her work. 

When she moved into professional practice, Aashna found herself wanting to build something of her own. A traditional accounting or compliance firm did not fully match what she wanted to offer. Businesses often needed someone they could turn to when the questions became more complicated, whether the issue involved taxation, structuring, transfer pricing, transactions or growth. 

That thinking became the foundation for GDT Associates and TransPrice GDT. 

Nearly two decades later, Aashna describes the journey in a way that says a great deal about how she views her profession. It has been less about building organisations and more about building trust. For her, an advisor earns that trust by being there when a business owner or CFO reaches a point where there is no straightforward answer. 

Those are the moments she values most. Sitting beside a client, understanding the problem and working through the choices until there is a way forward. 

Her defining moment came gradually rather than through one particular event. Over the years, she realised that technical knowledge is most valuable when it helps someone make a better business decision. 

That belief continues to drive her. For Aashna, finance is ultimately about people making decisions, with numbers helping them make those decisions with greater clarity. 

Defining Global Impact 

The idea of global impact can mean very different things depending on where someone sits in the business world. For professionals working across jurisdictions, it is often formed by the decisions made between markets, the consequences those decisions carry, and the confidence required to move forward when the rules are not always simple. 

For Aashna, global impact is not necessarily about operating in the largest number of countries. It is about influencing decisions that cross borders and creating outcomes that are sustainable beyond one transaction or one organization. 

Businesses today operate in an environment where capital, people, intellectual property and technology move across jurisdictions with unprecedented speed, while regulations are becoming increasingly interconnected. A decision made in one country can have tax, compliance and commercial consequences in another. 

As a cross-border tax professional, Aashna therefore sees global impact as helping businesses navigate this complexity responsibly. It means understanding not only what the law says, but why it exists, how different jurisdictions interact and how businesses can remain commercially agile while staying compliant. 

Ultimately, impact is measured by the confidence she creates, confidence for businesses making investments, for professionals making decisions and for regulators seeking greater transparency. 

The Corporate Tax Shift 

For businesses in the UAE, the arrival of Corporate Tax brought a very different kind of responsibility. Companies that had spent years concentrating primarily on their commercial operations suddenly had to pay closer attention to the structures, records and relationships behind those operations. 

The introduction of Corporate Tax was a defining moment for the UAE business community. One of the biggest challenges was the mindset shift. Many businesses that had operated successfully for years suddenly had to think about tax governance, documentation, transfer pricing, substance, related-party transactions and financial reporting in a much more structured manner. 

Aashna’s role was not simply to tell clients what they had to file. She focused on helping them understand the commercial implications of the new regime and embed tax into their decision-making. 

For her, compliance becomes a competitive advantage when it creates visibility. A well-governed tax function allows businesses to identify risks earlier, structure transactions more intelligently and make informed cross-border decisions. 

The UAE has built a sophisticated tax environment in a remarkably short period. Aashna believes businesses that embrace that evolution rather than simply react to deadlines will be the ones best positioned for sustainable growth. 

Looking Beyond the Paperwork 

Corporate tax naturally brings the conversation to transfer pricing, an area where the technical rules are closely tied to what a business actually does. As multinational groups become more interconnected, tax authorities are looking more carefully at where functions are performed, where risks sit and where value is genuinely created. 

Transfer pricing is becoming one of the most important areas of international taxation because it sits directly at the intersection of tax, economics and business substance. 

Multinational groups increasingly operate through interconnected entities, and tax authorities globally are becoming more sophisticated in analysing where value is actually created. The old approach of looking at transactions in isolation is no longer sufficient. 

Aashna’s recognition as a finalist for Transfer Pricing Firm of the Year and the recognition by International Tax Review have been meaningful milestones, but more importantly, they reinforce what she believes is the right philosophy: transfer pricing should not be treated as a documentation exercise completed at year-end. 

Her approach is grounded in substance over form. She looks at the functions performed, assets employed, risks assumed and the commercial reality behind the transaction. The objective is not simply to defend a position, but to build one that is commercially rational, technically robust and capable of standing up to scrutiny. 

There is also a personal side to the milestones. Abir Mulgaonkar, Akshay Kenkre, Sneha Kenkre and Sujit Thakar have been an integral part of the journey, supporting, challenging and believing in the vision through every stage. Aashna is clear that professional achievements rarely belong to one person alone. 

“Behind every professional milestone is a team of people who make the journey possible,” she reflects, adding that she remains deeply grateful to have had them by her side. 

When Compliance Becomes Credibility 

The wider regulatory landscape has brought another question to the forefront: how can businesses meet growing expectations around transparency without allowing compliance to become a drag on the way they operate? 

Aashna does not see AML, UBO and similar frameworks as regulatory friction. She sees them as part of the infrastructure of a credible business. 

Transparency has become a global expectation. Businesses that understand this early can turn compliance into governance rather than treating it as an administrative burden. 

The real challenge is proportionality. Compliance should protect a business without paralysing it. Leaders need to create systems where transparency, accountability and commercial agility coexist. 

In the long term, strong governance protects reputation, investor confidence and the ability to operate across markets. That makes these frameworks not just regulatory requirements, but building blocks for longevity. 

Starting With the Client, Not the Answer 

Advisory work brings Aashna into very different businesses, each with its own commercial pressures and priorities. The questions facing a technology startup can look nothing like those facing a manufacturing group or pharmaceutical business. That difference matters when advice has to work in practice. 

“Our clients come from very different industries, and that diversity is one of the things I value most about advisory work.” 

A technology startup, a manufacturing group and a pharmaceutical business may have completely different commercial realities, but the underlying advisory principle remains the same: understand the business before giving the advice. 

Aashna encourages her teams to begin with questions rather than assumptions. What is the client trying to achieve? Where is the value created? What are the commercial risks? What does the regulation actually mean in that context? 

“Technical knowledge gives you the framework, but curiosity gives you the insight.” 

That curiosity is also what allows the team to remain agile. They do not try to fit every client into the same template. They adapt their thinking to the business while maintaining the same standards of technical rigour and integrity. 

Making Execution Count 

Good advice eventually has to survive contact with the real world. That becomes especially clear during mergers, acquisitions and other sensitive transactions, where delays, unclear ownership or a missed decision can affect the entire outcome. 

Execution becomes particularly important when dealing with mergers, acquisitions and other sensitive transactions because the cost of delay or miscommunication can be high. 

Aashna’s approach is to create clarity early- clarity on ownership, timelines, responsibilities, decision-making, and the critical issues that could change the outcome. 

She believes strongly in empowering people rather than centralising every decision. The team needs to know not only what needs to be done, but why it matters. 

In fast-moving transactions, communication is as important as technical expertise. Aashna therefore remains closely involved in the strategic issues while allowing the team to take ownership of execution. 

“Ultimately, leadership is not about being the person who does everything. It is about creating a team capable of delivering consistently even when the pace and complexity increase.” 

Telling Young Women to Begin Before They Feel Ready 

The next generation entering international taxation will encounter demanding environments, competitive expectations and plenty of situations where confidence is tested. For Aashna, mentorship is partly about helping young women recognise their own capability before waiting for someone else to validate it. 

The single most important advice she gives young women entering international taxation is simple: “do not wait to feel ready.” 

Technical competence is essential, but confidence is equally important. There will be rooms where you are the youngest person, the only woman or the person who is expected to prove herself twice. Do not allow that environment to define your perception of your own capability. 

“Ask questions. Build expertise. Speak up. Take difficult assignments. Learn from people who challenge you.” 

Aashna also believes women should not feel compelled to choose between being ambitious and being authentic. Leadership does not require them to become someone else. 

Her own journey has taught her that credibility is built one decision at a time. Keep learning, keep showing up, and let the quality of your work become your strongest introduction. 

Finding the Human Value in Technology 

Technology is changing professional services quickly, particularly in areas where large amounts of data and repetitive processes have traditionally consumed professional time. For tax professionals, the opportunity lies in deciding where automation genuinely adds value and where human judgement still has to lead. 

AI and automation are transforming professional services, and Aashna sees that as an opportunity rather than a threat. At GDT and TransPrice, technology can increasingly take care of repetitive processes, data analysis, reconciliations and certain compliance workflows. 

That gives professionals more time for the work that depends on context and judgement, understanding risk, challenging assumptions and advising clients. 

Aashna particularly acknowledges Abir Mulgaonkar, who saw the power of technology at a time when most of us were still focused on completing compliance after compliance. His early belief in technology and its potential to transform professional services helped them look beyond simply automating tasks to rethinking how they work, deliver and advise. 

There is a boundary she does not want technology to cross. Tax is ultimately about people and businesses making decisions in uncertain environments. AI can process enormous amounts of information, but understanding a client’s ambition, risk appetite and commercial reality still require human judgement. 

“Our objective is therefore not to become less human because of technology. It is to use technology to become more human where it matters.” 

Growing Through Community 

No professional working across multiple jurisdictions can realistically keep up with every regulatory development alone. The speed of change makes professional networks increasingly useful, particularly when the value lies in exchanging practical experiences rather than simply collecting information. 

Aashna’s involvement with the ICAI Dubai Chapter has reinforced this belief. A strong professional community creates a platform for knowledge sharing, mentorship, collaboration and collective growth. 

The value of such communities is not simply in the events they organise. It is in the conversations that happen before and after them, the sharing of experiences, practical challenges and different perspectives. 

As regulations evolve across jurisdictions, no professional should operate in isolation. Communities help practitioners remain technically current while also keeping them connected to the realities businesses are facing. 

As the first Women Secretary of the ICAI Dubai Chapter, Aashna sees professional leadership as ultimately being about creating opportunities for others to grow alongside her. 

Learning When to Step Back 

The demands of professional services can make constant availability feel like part of the job. Major regulatory changes, transaction deadlines, and client expectations can keep the pressure high for long periods. Aashna has learned that sustaining a career requires a different kind of discipline. 

She has learned that resilience is not about continuously operating at maximum speed. It is about knowing when to step back, recharge, and regain perspective. 

Aashna tries to remain disciplined about prioritising what genuinely requires her attention and empowering the people around her to take ownership. 

She also draws energy from people, her team, her professional community and the younger professionals she mentors. Their ideas often remind her why she chose this profession in the first place. 

“Leadership is a long journey.” For Aashna, it cannot be sustained by constantly running on adrenaline. It requires purpose, people you trust, and the ability to occasionally pause and look at the bigger picture. 

Building Something That Outlasts the Individual 

The ambitions for GDT Associates and TransPrice GDT now extend beyond handling the demands of the present. As tax, technology, regulation and international business become increasingly intertwined, Aashna sees an opportunity to build an advisory platform that can keep adapting with them. 

The next frontier for GDT Associates and TransPrice GDT is to continue building an advisory boutique platform that is relevant to a world where tax, technology, regulation and international business are increasingly intertwined. 

The firms want to deepen their capabilities in cross-border taxation, transfer pricing, transaction advisory and technology-enabled compliance while continuing to build teams that are technically excellent and commercially aware. 

Personally, Aashna wants her next chapter to be about “scale with substance”, not simply growing an organisation, but creating an institution that can outlast individuals. 

When she thinks about legacy, she does not think first about titles or awards. She thinks about the people who may look at her journey and believe that they too can build something meaningful. 

“If my journey can make one young woman walk into a room with greater confidence, pursue a technical career without apology, and believe that she belongs at the decision-making table, that would be a legacy worth leaving behind.” 

For Aashna, success has never been about reaching the top alone. It is about making the path wider for those who come next.