Quote Originally Posted by alexsms View Post
1. What time do you have now? - не подходит , Т.к конструкция с it is. It's 5 a.m. и т.д.
I've read this form of the question is correct (without now), for american english i think.
Is there any native speaker who can help us?

anyway, i've also heard the following variants of questions about the time

what time do you make it?
what time do you have?
these questions belong to people when you sure they have a watch.

and the following questions are correct too when you don't see whether they have a watch or not.
Have you got the time?
Doo you have the time?