In Vedic astrology, Panchang has two meanings. Panchang is a book where all the celestial events are recorded, referred to by astrologers to calculate natal charts. In the Hindu religion, people carry out important activities only after referring to the Panchang.
Nowadays, there is software to calculate the charts. There is a method of reading the Panchang. It has a record of all celestial activities for a solar year. The record of each day is in the Panchang. If one knows how to read Panchang, you can determine an auspicious time for all activities. For example, activities like a house warming, a marriage, registration of a property, buying any assets, etc. The transition and position of planets are known by looking at the Panchang.
Panchang means “Pancha” which is five and “anga” which is elements. Any new start or beginning one needs to look at these five elements for Hindus. Everything that we see in our natal chart is represented by the five elements of the Panchang. These five elements are the Vaara (Days), Thithi (Hindu lunar day), Nakshatra (constellations), Yoga (period being auspicious or inauspicious), Karana (Half phase of thithi) they are all very different. Based on these five elements a good “muhurat” or auspicious date and time are arrived at. The Panchang plays an important role in guiding the Hindu Calendar in on all festivals and auspicious events.
If the calculations are done using the surya siddhanta calculations, the Panchang is known as the Drik Panchang Panchang.
You can verify whether a day is good for a particular activity once can refer to the daily Panchang/ Aaj Ka Panchang/ Dainik Panchang