This article explores the effect of one's body representation on time perception. Time Perception is modulated by a variety of factors including, e.g., the current situation or activity, it can display significant disturbances caused by psychological disorders, and it is influenced by emotional and interoceptive states, i.e., "the sense of the physiological condition of the body". We investigated this relation between one's own body and the perception of time in a novel Virtual Reality (VR) experiment explicitly fostering user activity. Forty-Eight participants randomly experienced different degrees of embodiment: i) without an avatar (low), ii) with hands (medium), and iii) with a high-quality avatar (high). Participants had to repeatedly activate a virtual lamp and estimate the duration of time intervals as well as judge the passage of time. Our results show a significant effect of embodiment on time perception: time passes slower in the low embodiment condition compared to the medium and high conditions. In contrast to prior work, the study provides missing evidence that this effect is independent of the level of activity of participants: In our task, users were prompted to repeatedly perform body actions, thereby ruling-out a potential influence of the level of activity. Importantly, duration judgements in both the millisecond and minute ranges seemed unaffected by variations in embodiment. Taken together, these results lead to a better understanding of the relationship between the body and time.