Greetings Sanjay!

Hope you're doing great.

'Yes' , you can submit a Diploma(after passing 10th)  instead of 12th for university or job application, it's technically just the same. Many engineering students I've met actually did diploma courses after completing their 10th from a renowned university. Although, if you're planning for higher education then you must complete 12th from school instead of going after just a diploma course. It totally depends on case to case bases. If instance let's assume you're planning for B.tech in Electronics then you may choose Diploma in electronics right after completing your 10th standard. However the same is valid if you complete 12th and then apply for a particular college. The course phase is slightly better for the 12th student rather than for diploma students. The choice is up to your conscience. Its good diploma students have one extra degree, but some companies recruit the only 12th cleared students (very rare cases though).

The following are the details about diploma and 12th comparison. Diploma students are more technically sound than their counterpart. Although students who complete their 12th from school are more inclined to overall development in term of science and communication skills. A diploma is more focus on a particular subject, which is the reason many don't go after this course. If you're planning for admission into IITs and NITs then diploma won't do any good for you.  Because these colleges don't except lateral entry and emphasis on completing 12th standard as their eligibility criteria. Another good reason to do a diploma is the practical exposure and job ready you become soon as you pass out from the course. Diploma courses are more industrial based course and hence you become market ready whereas, you counterpart are more inclined to pursue formal education from decent college before they become market ready(depend on case to case basis). Ritesh Agarwal, the guy who started OYO and one the leading standup guy didn't finish his degree. So, technically it's all about how you analyse the business and market.

Hope, you'll find this useful. Do reach out in the comment section below for any query.

Cheers!