Old levy — object when it is limited (7)
I believe the answer is:
tithing
'old levy' is the definition.
(tithe was historically paid to the church)
'object when it is limited' is the wordplay.
I cannot really understand how this works, but
'object' could be 'ti' (Ti is an example) and 'ti' is located in the answer.
'it' could be 'thing' and 'thing' is present in the answer.
This accounts for all the letters.
This explanation may well be incorrect...
(Other definitions for tithing that I've seen before include "method of raising tax" , "Paying tax, in a way" .)