Panchanga is a vedic calendar, which is used in India from ancient times. Traditionally Panchanga is used for finding Muhurta (right time for doing something) and for general evaluation of auspiciousness of any moment in time. But in Jyotish Veda (vedic astrology) you can find it useful in almost every its aspect, for example, analysis of Rashi Chakra (natal horoscope), Muhurta (or Muhurtah, which is a part of vedic astrology, dedicated to time calculation for planning of important events in life), Prashna (horary astrology of finding an answer on question that was asked at a certain time), Gochara (analysis of Grahas' (planets) transits) and etc.
The word "Pancha" can be translated from ancient sanskrit as "five", and the word "Anga" means "limb" or «part», «component». Panchanga's principles are based on an interaction of Surya (Sun) and Chandra (Moon). Everyday this interaction uniquely affects each man's life. For everybody who's studying Jyotisha Veda, Panchanga can become very useful tool, especially in those moments, when it's necessary to see circumstances, created by Surya and Chandra, its auspiciousness, as well as the fact how hard the person will have to work in these special circumstances to realize the potential that lies in his horoscope.
Five Angas are five main energies of Surya and Chandra, that set up the system of Panchanga (see the list below):
1) Vaara: solar day, based on the time of sunrise;
2) Tithi: lunar day;
3) Karana: half of lunar day;
4) Yoga: every day's unique placement of Surya in relation to Chandra;
5) Nakshatra: lunar constellation, which is occupied by Chandra.