Distance

Hi Nitish,
Eligibility for B.COM (H)-
10+2 (any stream) from a recognized board of education.
Commerce stream/ Maths subject is however preferable.
No entrance test. Admissions are strictly on merit basis.
Refer to the link below for B.COM (H) colleges in India-
http://goo.gl/1ZMHLS
Kindly filter out the branch / college / location as desired from the above link.
The cut-offs vary year after year. Most colleges have a different provision for admission. You need to contact the institute officials personally for specific admission details as it differs from one college to another.
In regards to your question, whether there is any difference in Correspondence and Regular course, i would say it varies from one subject to the other also from one degree to the other. However in general a course through distance learning does not have as much value as the regular one so if you can do a regular course, it would hold a lot of importance and thus be a much better option. The acceptability and recognition of a full time course is higher in industry and the long term career gains are good. Correspondence courses are ideally meant for those who are working and cannot leave their jobs to further their education. It is only to leverage ones experience and not so much as a stand alone degree. The employ-ability of a full time degree holder is the most and those with a distance education degree may face a drawback as far as employment options with MNCs are concerned. However, what is also relevant is your experience; skills and profile should match the profile needed for the job and organization. Thus it would be best for you to pursue a full time course.
Hope this information helps. Please feel free to revert.
Wish you luck.