Hi @Partha,
That would indeed be a useful feature, I think preset time filters and groupings like year, quarter, month, week and day should be available for use in Custom Reports and Advanced Queries.
I ran a quick search and scan of ideas and this related idea came up:
Though this idea is closely related, it is different in that it is only concerned with the Group by filter and that’s why I will place it in ideas.
I’m going to change the title as well to include all reports and queries where Group by exists.