The time is your normal calendar and clock time (local time zone time). Date is given in an increasing order of units (day month year) and time in the universal decreasing order of the units (hour minute second). If more precision is needed, the seconds can be given with decimal part (although the field for seconds is only two characters wide, for artistic reasons).

The default time is for epoch J2000.0 (that is: 1st Jan 2000, at noon). When converting to horizontal or ecliptic coordinates, the time is actually transformed into Besselian form, which is very close to tropical time (the real calendar/clock time).