There are many approaches toward understanding the phenomenon of time. We perceive time as past, present and future.
In physics time plays a major role in measurement of motion and forces. Einstein’s relativity introduced the concept of slowing of
time in motion and gravity which have been precisely confirmed.
http://www.wired.com/2010/02/what-is-time/
http://www.timephysics.com/
http://www.thekeyboard.org.uk/What%20is%20Time.htm