Hi Saloni,
it depends. If you define the schedule before 5:30pm it'll launch today. If you define it past 5:30, it'll launch tomorrow.
There is a bug in the Calendar function that sometimes swallows the next execution time.
I am currently working on that issue.
This bug doesn't actually have any consequences other than confusing users. The engine only relies on the data in the schedules, not on the pre-calculated data stored in the Calendar table.
If you set the Calendar to inactive, it'll show only the next time of execution, which is today in my time zone.
Best regards,
Ronald