"What time is it, (please)?" is fine. "What is the time, (please)?" is ok too. I would only add the word 'now' for emphasis. Supposing I am waiting impatiently for something and I keep asking what time it is. I might then say, "Well, what time is it NOW?" I could also ask, "Do you have the time?" However, this way of saying it always tempts me to answer like this, "Well, darling, I can spare you a few minutes!" Some people answer, "If you've got the inclination." You'll need to think about these answers. They're sort of jokes. Have a think. "Do you have the time?" is very close to, "Do you have time?" And the latter IS asking if you have time available to do something. "I'd like to discuss the report. Do you have time?" You could also ask and insert the definite article, "I'd like to discuss the report. Do you have the time?" So, I never say "Do you have the time?" because I start laughing. I know my MALE friends might say, "If you have the inclination!" (Please think about what they are suggesting!!!) But lots of people use that way of asking, so it's ok. I suppose. Sorry, but you have to blame my male friends! They're a bunch of jokers. I hope all this helps. Personally, I stick to, "Could you tell me the time, please?"

"What time is it?" is good. You don't have to use the "now" because it is implied that you want the current time. "Do you have time?" can mean something else, as in it sounds like you are asking if that person has free time to do something. If you say "Do you have *the* time? and add the "the" then it sounds a little more natural. :)

Do you have The time please? What time is it (now) Both are ok

Thank U everyone ;)