Accounting & Commerce

Tick over the 'yes' option.
Make sure to clear that backlog in your final year.

Please refer to the link provide below for details on admissions in B.Com (Hons) courses in Osmania university. You should be able to download their brochure which contains all details regarding admissions and eligibility to Enroll in courses awarded by Osmania University.
https://www.shiksha.com/university/osmania-university-hyderabad-25100

If one starts preparing for CAT during the final year of graduation, he/she will have enough time to prepare.

Yes, CA as per AIU is equivalent to M. Com. ICAI website has the document.

There are many opportunities for you.
You may go for CA/CS/CMA parallel, you can pursue graduation in B.Com honors.
You may go for Hotel management, Hospital Management, Bachelor of Journalism and Mass Communication, Integrated B.Com LLB course.
Also, you may prepare for PSU jobs.
Choice is yours. Interest is yours. Set the target and go for it.

You have completed your graduation and Masters in commerce. Definitely, you should have enough command in your subject. It will be more convenient to you to apply for commerce subjects. But, if you have enough confident in English, and you think that you can carry the subject, then you can apply for English subject.