Hi Tanu,
Profiles define your basic level of access. Anything not present at the profile level can be granted using permission sets.
However when to use a new profile vs a permission set depends on the number of users you anticipate.
When 10 out 100 users need additional permission it is feasible to create a base profile with minimal permissions and create a permission set with additional access ans assign it to the 10 users.
However, when the number of users exceeds a manageble count of around 1-30 it is advisable to have separate profiles and assign it to applicable users
1. Profile A (with the base permission)
2. Profile B (Profile A permissions + additional permissions)
There is not other way in Salesforce to grant access over profiles