Anoop, I totally agree with Jonesy above that when you are recording with a microphone, your speakers/monitors should be turned
off completely and you should monitor your vocal/microphone recording with
Headphones Only!! (See Link Below)
For many reasons, doing it this way is Standard Practice in the industry for most .
By the way, your voice sounds
very very good! Nice work!
However, I believe
the Shure Beta 58 Dynamic Microphone (or something else) has cut out much of the mid-high and high-end "shimmer" of your voice leaving your vocal sounding boxy and a little muffled and the instrumental tracks seem to have some excessive high-end.
What software are you using and how did you record your instrumental tracks?
Interestingly, last month I did a 7-Song Recording Session with a Man from India currently living here in the U.S. who said that he was a Recording Professional in India years back.
The Songs we recorded were in the Bollywood/Karaoke Style and he had pre-recorded instrumental backing tracks for each song on CD.
I first recorded his instrumental backing tracks into Cubase 6.5 and we used an sE Electronics Z3300A 3-pattern condenser mic for his vocals:
http://www.seelectronics.com/z3300a-mic and it worked very well.
I did spend a lot of hours in the mix process to match his voice to the timbre and sound quality of his pre-recorded instrumental tracks using some eq, compression, a little bit of pitch correction and reverb and he was very happy with the outcome.
If you would upgrade your M-Audio to, for example,
the Focusrite Scarlett, you would be taking care of a number issues that you have currently.
FYI-CHECK THIS OUT! Focusrite Scarlett Studio Recording Package BONUS PAK | KraftMUSIC.com
Bob G