Overall it sounds like you have a relatively competitive profile. I don't see any reason why you should wait another year to apply.
While having additional community service would be nice, it's not necessary. More of a challenge will be showing how you're a proven leader in a professional environment, given your IT background. Additionally, you should focus on crafting your post-graduate plans in a compelling way. Lastly, you should try to think of as many ways as possible that make you different from a large population of Indian engineers who are applying to schools.
In terms of top schools that might fit well, consider: Stanford, Andersen (UCLA) Haas (Cal Berkley), MIT and Carnegie Mellon (Tepper).
Oh and don't worry about round 1 or 2, your chances are basically the same in either round. If you have your app ready in time, round 1 is nice because you get it over quicker. But if it's not completely ready, don't rush it.