How about
function validTime(inputStr) {
if (!inputStr || inputStr.length<1) {return false;}
var time = inputStr.split(':');
return time.length === 2
&& parseInt(time[0],10)>=0
&& parseInt(time[0],10)<=23
&& parseInt(time[1],10)>=0
&& parseInt(time[1],10)<=59;
}