Hi, parulkholi!
I'd add just this, and I know that I'll get some "nice" answers
Access is a full featured database while Excel even it's powerful features is still a spreadsheet program.
It's like comparing Excel with Word: you can have tables in Word, perform calculation... but if you want to get your data structured and ready to operate with it, you should shift to Excel.
Alike if you want to keep hierarchical dependencies and integrity between data with different internal structure, you should shift to Access.
Even if Word allows me to build a 10K records table, I'd never dare to do such a thing, that's for Excel. Even Access allows me to build a 100K or 1000K rows worksheet, I'd never dare to to such a thing, even more if other worksheets/tables are related or linked to it.
If you have to do a lot of transformations with the data, and you change them frequently (the definition of the transformations), Access is a pain there, while Excel with its embedded functions makes it a smooth process.
And don't talk about charting in Access, as well as database features in Excel...
I remember what one guy (I don't know if he has enough authority or not) said:
"I highly appreciate Microsoft extending the limit from 65,536 to more than a million rows. I admit I do not need this amount of data rows in most of my models. Performing more complex calculations on a data base with one million rows usually leads to an inacceptable bad performance of the workbook. However, not being limited to the relatively small number of 65K data rows provides more flexibility in general, especially for preprocessing data." http://excellentias.com/2010/12/entrevista-con-robert-mundigl-clearly-and-simply/
Same place where this other guy (same considerations as above) said: " I think the max. rows is more of a marketing ploy than actual feature. I am yet to see a desktop or laptop that can process all the million rows without crashing." http://excellentias.com/2010/10/entrevista-con-chandoo-microsoft-excel-mvp/
Regards!