it’s short form

1. it is
2. it has It's is only used to mean ‘it has’ when has is an auxiliary verb: It's just stopped raining. When has is the main verb, use the full form: It has some great new features. • It's some great new features.

[TahlilGaran] English Dictionary ▲

it's

BAD: The cat sat in front of the fire, cleaning it's whiskers.
GOOD: The cat sat in front of the fire, cleaning its whiskers.

Usage Note:
it's (WITH an apostrophe) = 'it is' or 'it has': 'It's still raining.' 'It's been raining again.'
its (WITHOUT an apostrophe) = a possessive form like my, his, their, etc: 'The dog has hurt its nose again.'

[TahlilGaran] Dictionary of Common Errors ▲