Time- is the period during which an action is done.
Tense- is the study of the forms of the verb.
So , Time and Tense are two different words.Time is a non- grammatical term. It indicates the exact time of action. Tense is a grammatical term.It also indicates the time of action but sometimes it is not clear.
Example- The sun rises in the East.
However, it is related to simple present tense, but it indicates past Time, present Tme and future Time.