Of these five, the Lord, time, and the living entity are permanent and eternal. The manifestations of  prakrti  are temporary, but not false, as some philosophers say. According to the philosophy of Krsna consciousness, the manifestations are quite real, but temporary. They are like the clouds which appear during the rainy season but disappear during the dry season. These manifestations occur at certain intervals, and then they disappear and the vegetation dries up. Nevertheless, this process of Nature is working eternally.
Material Nature is separated energy of the Supreme Lord. The living entities are also energy of the Lord, but they are not separated. They are eternally related with the Lord. So, the Lord, Nature, the entity and time are all eternal.  Karma  is not eternal. The effects of  karma  may be old, and we may be suffering from the results of activity performed in time immemorial, but we are able to change our activities. We simply do not know which activities will give us release from these material entanglements. This is explained in the  Bhagavad-gita .
The position of God is that of supreme consciousness. The entities, being parts and parcels, are also consciousness. The entity is  prakrti , or Nature, and so also is the material energy; but the living entities are conscious, and matter is not. Therefore, the entity is called the higher energy. But the living being is never supremely conscious at any stage. The supreme consciousness, explained in the Bhagavad-gita as the Lord, is conscious, and the living beings are conscious: the entity of his limited body, and the Lord infinitely. The Lord lives in the heart of every being. Therefore, He has the consciousness of all living entities.
The Supersoul is living in each heart as the controller. He is giving directions to act as He desires. The living entity, however, forgets what to do. He determines to act in one way, then becomes entangled in his own actions and reactions and achieves only frustration. When he gives up one body for another, as one changes a dress, the reactions of his past activities remain with him, determining his next birth. Actions can be changed when a living being is in goodness, and, in that state of sanity, he chooses to end his entanglement.
So, of the five items, all are eternal, except  karma . Now, the entity's consciousness and the Lord's consciousness are both transcendental. They are not generated by association with matter. The theory that some material combination can generate consciousness is rejected in  Bhagavad-gita . Just as a light may be reflected according to the color of the glass, consciousness is reflected in the material world. But it does not depend upon matter for its existence.