Formatting values - Date & Time using Python libraries/packages

After going through time-complexity being addressed in SVM topic, a query/doubt arises vis-a-vis Date & Time values as enlisted below.

Q1 What are the functions used for Date & Time Formats?
Q 2 How to you transform the values for eg. Indian Date format to US Date format, extraction of values from formats viz. dd/mm/yyyy and hh:mm:ss or extraction of months from a specified date value?
Q3 Kindly let me know which Python libraries are used for performing date & time transformations?
Q4 Which Python libraries are used for defining date & time functions?
Q5 Could you suggest some reference materials for the aforesaid topics?

Looking forward towards your responses.