Maintaining books of account under section 44aa

Dear Members, We are a partnership firm running a business centre and co-working space. Our gross turnover for the financial year 2016-17 is about 7,00,000/-. We have incurred a loss of about Rs.50,000/-. The previous year turnover was around Rs.3,50,000/-. Considering this scenario, please advice on the following: 1. Are we required to maintain books of account under Section 44AA? 2. Is tax audit compulsory for us, if we declare loss of Rs.50,000/-? Please advice.