Examples:
- It's (It is) a plane!
- It's (It is) my bed time.
- It's (It has) been a long time.
- It's (It has) been good to know you.
- It's (It has) got to happen soon.
"Its" is possessive form of it (belonging to it).
Examples:
- The bird lost some of its feathers.
- Where is its head office?