As per the Income Tax Act, Section 44AA and Rule 6F, you are required to maintain books of account if your income or income exceeds a certain limit. Limits and accounting books vary depending on the nature of your business or business.
If you work in the following industries, you should maintain books of accounts if your gross income exceeds Rs. 1,50,000 in each of the last three years or is expected to exceed Rs. 1,50,000 in new projects:
legal
medical
Technical knowledge
Architecture
Accounting skills
Technical Consultants
Furniture in the room
Authorized Representative
The producer of the film
Company Secretary
If your business is not listed above, you should keep books of accounts if your income exceeds Rs. 1,20,000 or your sales, revenue or gross income exceeds Rs. 10,00,000 in any of the last three years or in case of a new formation of trade or business is expected to exceed these limits.
The book of accounts you have to maintain in this case is not prescribed by the Income Tax Act, but it should be such as to enable the Assessing Officer to calculate your taxable income
You are required to maintain the book of accounts for six years at the end of the relevant year.
So based on your question if your income is less than Rs. 1.5 lakh and the income is Rs. 10 L, you are not required to maintain books of account in accordance with Section 44AA and Rule 6F unless you are engaged in one of the specified activities mentioned above.
However, it is advisable to keep some basic records of your income and expenses for your own reference and tax compliance.
No, you do not need to maintain books of account if you have a loss of Rs. X and your income and turnover are less than the specified limits unless you belong to one of the specified professions. However, you should report your loss in your income tax return and carry it forward to the next year, if applicable. You should also keep some proof of your loss, such as bank statements, invoices, receipts, etc. for future reference.