Is there a way to add new tags to albums ?

going to tag in admin adding them and then select through tag selector in admin page is too time consuming.

just to find if threre is any easy way to add new tags to album or an input box where one can put just coma based list of tags.

Try the the 1.4.1 development nightly which has this feature right on the tag selector on the backend.

Also you could enable the JavaScript front end editing (beware as that opens possible security holes as noted on the option).