time is not allowed me to do so

-I want to read some compositions, but time is / has not allowed me to do so.

1.The sentence is talking about a present thing, so HAS NOT ALLOWED, the present perfect, I think, is not appropriate. Do you agree?

No, I don't agree, WB. The PP means "the time up to now" and it doesn't have to be a long stretch of time.

Remember, CONTEXT is vitally important to choosing the necessary [for meaning] language structure.

If I read you correctly, and this is a "present thing" moving forward, then you probably want,

I want to read some compositions, but time will not allow me to do so.


2. I think the best choice is DOES NOT ALLOW, do you agree?

It goes without saying but the best choice is always the one that fits the speaker's intended meaning. We can't determine that for ESLs without the appropriate context.

Using 'does/the present simple aspect' shows that this is, at this time, the general condition/an time that is ongoing with either no end in sight or little likelihood of a discernible end in sight - you see your schedule as too full to allow time to read that material.


3. I'm not sure whether IS NOT ALLOWED is OK, could you help me?

I'd say with almost complete certainty that it is not okay.

I want to read some compositions, but time is not allowed me to do so.

This seems to hold a meaning like, "no one has given permission/made it possible for time to let me do this" and it is therefore not natural.

That's likely why we use "does not allow".