Outstanding, timeless drag act (5)
I believe the answer is:
owing
'outstanding' is the definition.
(an outstanding bill is still owing)
I cannot understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for owing that I've seen before include "Undischarged" , "Outstanding as a debt" , "Due to, like debt" , "Still outstanding" , "This debt has yet to be paid" .)