CA - Practise and employment

Nothing will happen. If your employment contract doesn’t state that you can’t work on second job. How will you consult? Work from home and fill invoices?

Yes you can no problem, but you should make sure whether any permission is required from ICAI or not

Something called as ‘moonlight clause’ says need permission from employer to work in second job. Your working in a bpo I guess, if you have 5 years, then you can work in second job because u will not get tired in the first job. 

I HV OVER 18 YEARS OF EXPERIENCE IN FINANCE ACCOUNTS AND TAX.
EVERY FIRM HAS ITS OWN POLICY.
BUT THE BASIC THING REMAINS SAME.
1. EVERYWHERE YOU CANNOT DEVIATE FROM THE POLICY AS FORMULATED.
2. IF AFTER WORKING ON BEHALF OF THE COMPANY IF AN EMPLOYEE THINK THAT HE CAN PROVIDE SUFFICIENT TIME FOR OTHER JOB WITHOUT DEVIATING OR VITIATING THE WORK CULTURE WHATSOEVER, THEN THERE IS NO PROBLEM.
OTHERWISE HE HAS TO TAKE THE COMPANY'S APPROVAL.

That is very intellect. Some ppl work on two company payrolls like consultants. It’s not possible for everyone. But I never saw them working peacefully to be honest. They shout at me I shout back at them just for fun. 

It is allowed, many do that

But many consultancy services are blocked by ICAI. You should take permission from ICAI