Is there any reason behind using date(January 1st, 1970) as standard for time manipulation?
No reason that matters.
Python's time
module is the C library. Ask Ken Thompson why he chose that date for an epochal date. Maybe it was someone's birthday.
Excel uses two different epochs. Any reason why different version of excel use different dates?
Except for the actual programmer, no one else will ever know why those those kinds of decisions were made.
And...
It does not matter why the date was chosen. It just was.
Astronomers use their own epochal date: http://en.wikipedia.org/wiki/Epoch_(astronomy)
Why? A date has to be chosen to make the math work out. Any random date will work.
A date far in the past avoids negative numbers for the general case.
Some of the smarter packages use the proleptic Gregorian year 1. Any reason why year 1?
There's a reason given in books like Calendrical Calculations: it's mathematically slightly simpler.
But if you think about it, the difference between 1/1/1 and 1/1/1970 is just 1969, a trivial mathematical offset.