The TIFF format is very popular for storing images. It allows pictures to be saved in a variety of color spaces and with a large color depth. TIFF is widely supported by graphic applications and used in printing and is easily converted. Unlike JPG, a TIFF image will not lose quality with every file saved. Unfortunately, this is the reason why TIFF files weigh several times more than JPGs. The rights to TIFF format belong to Adobe, and Photoshop can save TIFFs without combining layers.
The PNG format was created to both enhance and replace the GIF format with a graphic format that does not require a license to use. Unlike GIF, PNG has alpha channel support and the ability to store an unlimited number of colors. PNG compresses data without losses, making it very useful for storing intermediate versions of image processing. Portable Network Graphics is a convenient format to place the file in an electronic document if it does not need to be printed later. PNG is completely unsuitable for printing, hence you have to convert it to print.
