All date values in Mendix are stored in Coordinated Universal Time. I am guessing you are in India (or a similar time zone to India) because when you pick March 17 2022, Mendix sees that as the beginning of the day March 17, 2022 in your time zone. India Standard Time is 5 hours 30 minutes ahead of UTC, so the internally stored time for the selected date is 5 ½ hours before the start of the day March 17, which is 16:30 March 16.
If this date is localized in the domain model, you will see it in your local time zone. For instance, if I view this date and my local time zone is US Eastern Time, I would see it as 11:30 March 16 (5 hours earlier than UTC).
If the time portion of this date is not important, you should set the attribute to not localized.
Hope that helps,
Have you checked the timezone setting of the user you're logged in as? Changing the default timezone wouldn't change existing users’ timezones I think!