ITS vs IT’S
It’s – is a contraction of ‘it is or it has whereas, its – is a possessive adjective.
IT’S have two meanings:
IT’S – IT IS
Eg: It’s raining. Means, It is raining.
IT’S – IT HAS
Eg: It’s been raining for two hours. Means, It has been raining for two hours.
ITS
Possessive adjective
Its – is a possessive adjective.
Eg: The dog is eating its food.
It’s or its?
Use it’s, when you mean it is. Eg: Hey, it’s raining!
Use it’s, when you mean it has. Eg: Yeah, it’s been raining for two hours already.
Use its, when you mean of or belonging to it. Eg: Look! That crazy dog is chasing its tail.
Summary
ITS is the possessive form of the pronoun IT, meaning belonging to it.
IT’S is a contraction for IT IS or IT HAS.