The Gemara (33a) quotes a machloket between Rebi Yehudah and Rebi Yosi

as to whether women are allowed to blow the shofar on Rosh Hashana. Rashi
explains that according to Rebi Yehuda if a woman blows a shofar she violates the
prohibition of ba’al tosef, adding on additional mitzvoth to the Torah. According to
this, women are not allowed to perform any of the time-bound mitzvoth from which
they are exempt, because if they do they are adding onto the Torah mitzvoth that
they are not obligated in.

The Maharsha writes that he doesn’t understand Rashi. He says that

whenever the gemara gives examples of the prohibition of ba’al tosef it gives
example of someone performing a mitzvah, but adding something to it. These
include taking a fifth species with the lualv and etrog or or adding a fifth parsha to
the four parshiot that are found inside tefillin. Only when someone is working within
the framework of the Torah it’s considered that he is adding or subtracting from it.
However, the Maharsha says that if someone would just make up an entirely new
mitzvah that would not be a violation of ba’al tosef. It’s not adding to the Torah, it’s
a different religion entirely. Despite the Mahasha’s objection, we find that the
Ramban also holds like Rashi. In his commentary on the Torah (Devarim 4:2), the
Ramban writes that he also thinks that if someone makes up an entirely new
mitzvah it is a violation of ba’al tosef. According to these two rishonim, both adding
components to mitzvoth as well as inventing new mitzvoth are violations of ba’al
tosef.

All of the above is the opinion of Rebi Yehudah; however, Rebi Yosi holds that
women are permitted to perform time-bound mitzvoth. Although women are not
obligated in these mitzvoth, the Torah still grants them the ability to perform them.
Therefore, they are not considered an addition to the Torah nor a violation of ba’al
tosef. Most rishonim write that we paskin like Rebi Yosi.

Tosfot quotes Rabbeinu Tam who says that not only are women permitted to
fulfill time-bound mitzvoth, but if they perform the mitzvah they also say a beracha.
Not everyone agrees to this position. The Rambam (Tzizit 3:9) writes that women
who perform time-bound mitzvoth should not say a beracha. This position holds that
since women are not obligated in these mitzvoth they cannot say the beracha which
includes the phrase, “asher kidishanu b’mitzvotav I’ztivanu,” “who sanctified us
with His mizvot and commanded us.” The Ran defends Rabbeinu Tam’s position.
He explains that the phrase of “v’ztivaznu,” “and He commanded us,” refers to the
general commandment given to all of Bnei Yisrael. Therefore, even though women
weren’t obligated, since men were obligated, even women can say “v’tzivanu.”

The Beit Yosef (OC 17) paskens like the Rambam that women cannot say a
beracha on time-bound mitzvah, and the Rema paskens like Rabbeinu Tam that
they can make a beracha. Today, the general custom is that Sephardic women
follow the Beit Yosef and don’t make a beracha, while Ashkenazic women do make a
beracha, in accordance with the Rema’s psak.