Now's the time for giving (7,3)
I believe the answer is:
present day
'now's' is the definition.
(I've seen this before)
'the time for giving' is the wordplay.
'the time' becomes 'present' (present is a kind of time).
'for giving' becomes 'day' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'present'+'day'='PRESENT-DAY'
Can you help me to learn more?
(Other definitions for present day that I've seen before include "Christmas for materialists?" , "twenty-fifth of December?" , "occasion for lots of give and take?" , "Current" , "Contemporary" .)