Is it possible to make a readymix of PCR reaction cocktail involving components like water, dntps, taq polymerase etc. and keep it under long term storage for future use or should we use the mix immediately at once?
Sure! you can do that, provided the mastermix is free from contamination and any inhibitors if you are making it in your lab and in bigger amounts. There are several commercial mastermix available which are ready to go. They are available in 1ml amount, thus the quality is maintained and prevent multiple freeze thaw cycle. You can try and go for similar approach for your mastermix.
The concentration should be according to your needs and your previous experiments. If you wanted to use home-made mastermix, I would suggest you to scale up your working recipe and dispense 1ml master mix into 1.5ml eppis.
If you want more information about the contents of commercial mastermix, you can get manual of any mastermix of your choice by easy search on internet.