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Hi Saurabh,
- DateTime: Salesforce stores all DateTimes in Coordinated Universal Time (UTC) format. Remember that dateTime field values are stored as Coordinated Universal Time (UTC). When one of these values is returned in the Salesforce application, it is automatically adjusted for the timezone specified in your organisation preferences. Your application may need to handle this.
- Date: fields contain no time information and completely ignore timezones. Whatever date you specify when you set it will be the date every user sees, with any time and zone information being ignored.