i have OPT now.. do i need to apply for Work Permit while applying TPS?
or can i apply both TPS status and Work permit...??

Do i need to apply for Work Permit while applying TPS? => You don't have to.
or can i apply both TPS status and Work permit...?? => Yes.
Can i apply for TPS EAD after Opt Expire? => We all think Yes.

My understanding,
Yes you can apply for both TPS and OPT EAD; however, you must use OPT EAD to maintain your F-1 status and you can do second job with your TPS EAD. Correct me so that I can be aware about this situation too.

Thank You for all for responding my post.
i have one more question how can i know that i am using OPT EAD or TPS EAD,,, usually we give only social no. at work.

There is a process called 'identification and eligibility' to make hiring decision by your employer. Social security is your identification and EAD cards are eligibility conditions.

@ShankarHuShankar; I had the same feeling that we can use both EADs at the same time.. but need to confirm.

I am on TPS EAD right now and when I graduate on Spring 2016 , I will update my HR about new EAD through OPT so that I can maintain my status and apply for future immigration benefits like H1B. Hope this does make sense.

How did you manage to be on TPS EAD without violating your F1 status? I am not saying you did but only curious to know the process. Was your DSO easy to work with?

Yes I did talk with my DSO and they told me that if I don't want to maintain F-1 like full time student then they will terminate my F-1. And also they have informed that even with TPS, I can join college. Recently, I have requested DSO to update my SEVIS about approved TPS and eligible to work which they have done it. Working fine with me. Next phase, I have to wait till my graduation Spring 2016 and have to see whether I can apply for OPT or not.

@Ami Bhattarai

That's nonsense. They don't have idea about it. You have to research yourself too like go to -
http://www.nafsa.org/Content.aspx?id=50551
And inform them about it.