M.Com

No, there is no compulsion.
You have many other options such as CA, ICWA, MBA, etc.

It is actually the best course and you could definitely pursue it without any restrictions.

MBA+NET has more validity since there are large number of management colleges in our country as compared to pure commerce colleges. It's good to choose MBA+NET.

Which country do you want to go to? You have a decent profile and with good recommendations and a terrific SoP, most top colleges and universities would consider your application.

Yes, you can but you must get 50% of course. Otherwise, you can't appear any govt. exam.

Dear Mohith,
You can go for ACCA. It is a professional qualification into the field of accountancy.
ACCA stands for the Association of Chartered Certified Accountants a leading international accountancy body. The ACCA qualification is recognised and is treated in other countries as being equivalent to their local qualification.
http://www.accaglobal.com/in/en/about-us.html
I hope this would suffice. All the best and God bless you.

Eligibilty criteria for seeking iadmisdipn in M.Com in majority of Universities is B.Com, BA Economics or BBA. You are eligible to seek admission in M.Com in majority of Universities. You are advised to visit website of targeted universities for further eligibilty criteria and details.