What's the meaning of the following sentences?
What time do you have?
Do you have the time?
Thanks.
If you ask someone "Do you have the time?", you are asking the person to tell you the time. I would assume that you are not wearing your watch so you have no idea what the time is.
If you ask "What time do you have?" I would think that you are wearing a watch, but you're not sure if it's showing the correct time so you ask someone else what time their watch is showing, so that you can compare the two.