Six I-T officials raided Ahmad's residence at Subzi Bagh area under Pirbahore police station in the state capital, Income Tax Director (Investigation) Ashok Kumar Sinha told PTI.
He, however, did not disclose the findings during the search operation.
Ahmad, a close aide of Lalu, runs a number of educational institutes and the I-T raids are believed to be related to checking his tax documents after the demonetisation drive.
Ahmad was a member of the Bihar Legislative Council from RJD in the early 90s.
The poll, however, was countermanded due to reports of large-scale rigging. Prasad later sent Gujral to Rajya Sabha in 1992 from Bihar.
Ahmad had hogged the media limelight when footages of him helping Lalu wear shoes at a function in Bihar's East Champaran district in 2015 had become public.