Generally speaking, an article is usually required in French, unlike in English. In your sample sentence the article is mandatory in French. In English there are multiple options. One of them uses the definite article as well…
I don't have the time
I don't have time
I don't have any time
I have no time
Like Bezoard said, 'I have no time' can be translated by 'je n'ai pas de temps' (with a "s" at the end). But it really depends on the context, it's usually 'I have no time...' (for you, to lose, etc.), you can have several translations for an expression, and not always a correct one, but a similar one.