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1. Contraction of it is.
2. Contraction of it has. See Usage Note at its.
(Grammar) it is or it has
Usage: One of the commonest mistakes made in written English is the confusion of its and it's. You can see examples of this every day in books, magazines, and newspapers: its good for us; a smart case with it's own mirror, and even Cheng, and its' subsidiaries. Its refers to something belonging to or relating to a thing that has already been mentioned: the baby threw its rattle out of the pram. It's is a shortened way of saying it is or it has (the apostrophe indicates that a letter has been omitted: it's a lovely day; it's been a great weekend.
the possessive form of it (used as an attributive adjective): The book has lost its jacket. I'm sorry about its being so late.
usage: See me.
1. contraction of it is: It's starting to rain.
2. contraction of it has: It's been a long time.