Close to 100 officers searched her home and offices in Mumbai as well as studios owned by her Balaji Telefilms.
Ms Kapoor produces some of India's most-popular soap operas. Balaji Films' next big movie release, Shootout at Wadala, starring John Abraham and Kangna Ranaut is scheduled for Friday, 3 May release.
Sources said Ms Kapoor, whose designation is Joint Managing Director, is being investigated for misreporting the income and profits of her production company.
She is likely to be interrogated later today. Her father, Jeetendra, who was a popular star in the 80s, is a Chairman in her company and will also be questioned, said sources.