Why is my toFixed() function not working?

Your value must not be an integer so add 0 to convert your value into integer and then toFixed() will work.

I tried function toFixed(2) many times. Every time console shows "toFixed() is not a function".

but how I resolved is By using Math.round()

eg:

if ($(this).attr('name') == 'time') {
    var value = parseFloat($(this).val());
    value = Math.round(value*100)/100; // 10 defines 1 decimals, 100 for 2, 1000 for 3
    alert(value);
}

this thing surely works for me and it might help you guys too...

You're not assigning the parsed float back to your value var:

value = parseFloat(value).toFixed(2);

should fix things up.