I'm replying to myself,
Looks like as of now, one can insert tables using the paste from MS-Word button So the steps go somewhat this way -
Compose your table in MS Word.
Select the part of the table that you want to put in your post, and hit Ctrl+C or Edit->Copy
Then open your post editor in wordpress window
Click on "Paste from MSWord" Button, it is in the kitchen sink
In the window that opens, press Ctrl+V and paste you content and click on the "Insert" button
and the table should be there on your page. If you know HTML, then you can try beautifying the table by editing the post in HTML mode.
Does anyone if insert table will come into the wordpress kitchen sink??