Should I say:
I do not have the time.
I do not have time.
Which option is the correct one? If both are correct, is there any difference in meaning or other difference between them?
The article 'the' is used to emphasize specificity.
By saying, 'you don't have time to cook', it means you don't have time in an indefinite essence; and, by saying, 'you don't have the time', it means you don't have time in a specific period (in this case, during the time you said that you don't have ['the time']).
"don't have the time to do x" communicates something that's part of your personality, or a deep set habit. It doesn't refer to any specific situation. People say that when they want to say something about the kind of person they are. It says I consider act x of less important I don't want to bother myself with it.
"don't have time to do x" on the other hand, is very specific to a situation you are currently having. It says "Right now I am too busy with other stuff". It doesn't say anything about what kind of person you are and what habits you have.
have time or not have time can be treated like any other verb, it means at that moment I am (or will be) busy with other things.
I don't have time to go there
A: Will you watch TV, B: No I don't have time, I must finish my homework.
However, if you say
I don't have the time to cook, I usually eat fast foods
You mean that you don't have the time it takes to do a certain job or you don't like to do it, for example
I don't have the time to answer basic questions. Sorry, but I need to focus on more important questions.
If you don't have the time to cook rice on normal kadai, you can pressure cook also, but it wont be that tasty.
You don't say I don't have the time except to mean I don't know what time it is.