B.Ed

Tet demands Bed. So if you are in the final year you can fight. But without Bed Tet will not be valid. Central Tet has this kind of rules either some states also organise tet. Like chhattisgarh where now deb or bed is not compulsory.

You can go for MBA or Phd

IGNOU is the best institute for distance learning.

Hi Ravishanker,
Tips to prepare for B.Ed CET exam, kindly refer the link below:
http://www.mapsofindia.com/education/how-to-prepare/b-ed.html
Hope this helps.
Wish you luck.

Some colleges give off time for study,

Yes it is valid you can pursue two degree, one from regular and other from distance

You may evaluate BS degree offered by BITS Pilani WILP. Eligibility for BS is minimum 2 years work experience in engineeting industry. Course is open for Technical Diploma holders and B.Sc. or its equivalent with adequate background in Mathematics. Employer consent with suitable mentor availability will be additional requirements.