"The Cosmos is controlled by God;
God is subject to Truth
That Truth is subject to the authority of
sacred and noble beings."
(Sri Bhagawan Sathya Sai Baba. The Divine Discourse: "Transform Yourselves and Transform the World."  01. January 1998, Prasanthi Nilayam).

From times of the deep past the humanity measures time. Various methods based on the motion cycles of planets, moon, sun  as though comparing to their movement  with humans lives which are  parts of  the Uniform circulation of fields of Nature on the arena of Creature.

Modern science does not exactly know what time is. In fact, one of the hottest themes in theoretical physics is whether time itself is illusory. This standpoint is so near to the Vedic wisdom and Swami's Teaching). There are many hypotheses about time. The last of them is that time consists in atoms. (Lee Smolin. Atoms of Space and Time Scientific American.com. Jan 2004). From ancient times some philosophers and scientists had supposed that if matter were broken up into small enough bits, it might turn out to be made up of very tiny atoms. The granularity is the characterisation of whatsoever matter.

In recent decades, physicists and mathematicians have asked if space is also made of discrete pieces? Is it continuous, as we learn in school, or is it more like a piece of cloth, woven out of individual fibres? If we could probe to size scales that were small enough, would we see "atoms" of space, irreducible pieces of volume that cannot be broken into anything smaller?

And what about time: Does nature change continuously, or does the world evolve in series of very tiny steps, acting more like a digital computer?

Not finding the clear answer what is time and space through many scientific theories science at last reached to the atoms of time.

Here is significant  to remember Swami's explanation, done earlier than scientists have reached to their hypothesis.

"Today scientists are propagating various theories to the world. Spiritualists are also propagating about divinity in various ways. However, the mankind is not able to understand what the scientists and the spiritualists are saying. Ultimately, we can conclude that the world is made up of molecules and atoms. There can be no world without the atoms. ...The universe is a combination of atoms. The Vedantins (Vedic scholars) say: Anoraneeyan Mahato Maheeyan (Brahman is subtler than the subtlest and vaster than the vastest). It is because of the coming together of the atoms that we find the five elements, human beings, various objects and activities in this world. The atoms are all pervasive. The world is composed of atoms and nothing else. Brahman does not have a specific form. Brahman is subtler than the subtlest, vaster than the vastest. He is the eternal witness and pervades the entire universe in the form of atoms." (Excerpts from: Sri Bhagawan Sathya Sai Baba. The Divine Discourse: "Atom - The Subtlest Form Of Divinity"  23 October 2001, Prasanthi Nilayam).

(Certainly these atoms are not the same that chemical elements by Mendeleyev have. They are the subtlest  particles as carriers of energy, vibrations).

American physicist John F. Wheeler explains that matter (atoms) is like 'Quantum foam'. It likely floats as quanta (vibration) of energy on the surface of an underlying ocean of the cosmic energy (Atma, Brahman) from which all the five kinds of energies* have been born. (*five elements by Vedas and Swami). On this primordial level it is impossible to differentiate among light, matter, space and time. By my views such is core of Atmic reality through the expressions of  modern science.

It seems that essence of time and space is hidden in spiritual awareness what brings a human being closer to Atmic unity.

Below is a tiny collection of Swami's quotations about time:

"All things happen according to the dictates of Time;
Both good and bad  depend on Time;
Prosperity and poverty likewise depend on Time;
Time is the determinant of all things,
There is none who is not subject to Time
In this entire world; that's the Truth."
(Sri Bhagawan Sathya Sai Baba. SSS. Vol. 24. Chapter 1).

"What you think exists, is not real.
What you think does not exist, is the Reality.
God is the only Reality
And there is nothing in the world
Which is not pervaded by God..." (Sri Bhagawan Sathya Sai Baba. SSS. Vol. 24. Chapter 12).

"Of all the gifts of God, Time and Love are the most precious. Man has to make proper use of time in order to experience Divine love. But today everyone, be it a student or a householder or an ascetic, is wasting three-fourths of his time in worldly pursuits. Then how can he expect to have noble thoughts!" (Sri Bhagawan Sathya Sai Baba. The Divine Discourse: "Glory of Womanhood." 25 Dec. 1999, Prashanti Nilayam).

"All things in the Cosmos, moving and unmoving, are permeated by God. Hence. God is characterised as Kaalagarbha (the One who holds Time in the womb)....

The word Kaalam (Time) is derived from Kaa+alam. This means that God, embodiment of Time, is the One who rewards people according to their deserts. God does not submit to worldly offerings,  worldly authority or worldly power. He responds only to spiritual aspirations."  (Sri Bhagawan Sathya Sai Baba. SSS. Vol. 24. Chapter 1).

Veda describes Kaalam:

Kala (Kaalam)
AV XIX, 54

1. From Time came into being the Waters,
from Time the Holy Word, Energy, and the regions.
By Time [each day] the Sun arises,
in Time he goes to rest again.

2. By Time blows the cleansing Wind,
through Time the vast Earth has her being.
The great Heaven has his post in Time.

3. Their son Time long ago engendered
the things that were and that shall be.
From Time came Scripture into being
and formulas for Sacrifice.

4. By Time was Sacrifice inaugurated,
inexhaustible oblation to the Gods.
In Time live the spirits ant the nymphs.
Upon Time all the worlds repose.

5. In Time are set this Angiras
and Atharvan who came from Heaven,
both this world and the world above,
all holy worlds and holy interspaces.

6. Having conquered the worlds by Holy Word,
Time, the God supreme, goes on.

Reference:
http://www.himalayanacademy.com/books/vedic_experience/Part2/VEPartIIChA.htm  

Swami characterises the Vedas:

"The Veda is the Mother of all the Sastras. The Veda emanated from God Himself as inhalation and exhalation. The great sages, who were the embodiments of the treasure gained by long ascetic practices, received Veda as a series of sounds and spread it over the world by word of mouth from preceptor to pupil." (Bhagavan Sri Sathya Sai Baba. Sathya Sai Vahini. Eternal Truths).

Jugas are as pinpointers of time by Swami and Vedas for humans. Characteristics of jugas by Swami are following.

"You have heard about four aeons called KritaYuga, Treta Yuga, Dwarapa Yuga and Kali Yuga. These are not distinct from each other.... According to the conduct of the people at the time, the name is given for the Yuga... Hence one of the names bestowed on God is Yugadi (One from whom the Yuga begins)." (Sri Bhagawan Sathya Sai Baba. SSS. Vol. 24. Chapter 1).

"In giving the duration of the different yugas and estimating the life of Brahma (the Creator) in terms of the yugas, the scriptures have given the life-span of Brahma as extending over many crores of years.... The scriptures have described Brahma as Anaadi (without beginning).... God has been envisaged as the embodiment of Time. He is the source of Yugas. He persides over Time. He is the Time-Spirit and the Kaalagarbha (container of Time). Time is the devourer of the physical. The Lord is the devourer of Time itself. When there is faith in God, man transcends the physical." (Sri Bhagawan Sathya Sai Baba. SSS. Vol. 24. Chapter 4).

Poetical Vedic hymn to time what proceeds all jugas.

     Purnah kumbhah
     AV XIX, 53

1. Time drives like a horse with seven reins,
a thousand-eyed unaging Stallion.
Him the inspired poets mount.
All beings are his chariot wheels.

2. Time draws this chariot with seven wheels.
Seven are the hubs; its axle is nondeath.
At the head of all beings Time proceeds
unceasingly, the first among the Gods.

3. Above Time is set a brimful vessel.
Simultaneously we see Time here, there, everywhere.
Set face to face with all existences,
Time is throned, men say, in the loftiest realm.

4. Time has gathered together all beings that are;
he has passed through all the gathered beings.
He who was father has become their son.
There is no glory higher than his.

5. Time generated the Sky above
and this vast Earth. The passing moments
present and future, by him set swinging,
are reckoned out in due proportions.

6. Time brought forth fate-filled chance.
In Time the Sun shines and burns.
In Time the eye spies from afar.
In Time all existences are.

7. In Time is consciousness and life,
In Time is concentrated name
By Time, when he draws close at hand,
all creatures are with gladness filled.

8. In Time is energy, in Time the highest good.
In Time is the Holy Utterance.
Time is the Lord of all that is,
the Father, he, of the Creator.

9. Sent forth by him, from him all this
was born . On him is it established.
So soon as he has become Brahman,
Time supports the highest Deity.

10. Time created the creatures.
Time created in the beginning the Lord of creatures.
From Time comes the Self-Existent.
Energy likewise from Time derives.

Reference:
http://www.himalayanacademy.com/books/vedic_experience/Part2/VEPartIIChA.htm