In North India it is called Panchang and in South India it is called Panchangam. Panchang is nothing but Hindu calendar or Hindu time keeping system. Hindus base their important and day-to-day decisions on Panchang. Hindu Panchang is primarily based on position of Sun and Moon. Hindu Panchang is used by astrologers to perform astrological calculations especially Muhurta – the system of knowing good and bad time for certain events astrologically.
The way English calendar shows date and day, Hindu calendar shows five elements – Hindu Date, Hindu Day, Nakshatra, Yoga and Karan. Panch is Sanskrit language word for five and hence it is called Panchang i.e. five limbs.