The article offers the critique of phenomenological interpretation of the internal time of consciousness. The author focuses on four elements of phenomenology of internal time consciousness. The analysis of these elements invalidates the fundamental claims of phenomenology with respect to internal time consciousness and calls into question Husserl’s notion of time and the whole project of transcendental phenomenology. The author relies on the concept of arche-trace, as employed by J. Derrida, for deconstructing traditional understanding of time and for formulating new definition that emancipates theory of internal time consciousness from the notion of extratemporal identity.