This is something that a lot of people get confused about. "Its" is often used when you are trying to show possession. It is the possessive form of it. For example, “That cat is the neighbor’s cat, but I do not know ITS name.” You are trying to refer to the cat but instead of using the word cat again, you have used “its.” It’s, on the other hand, is the shortcut for “it is.”
You can say, “It’s the neighbor’s cat on the wall.” If it would not be abbreviated, it would state, “It is the neighbor’s cat on the wall.” As long as you would remember the differences between the two, you will have no problem using the words correctly.
It's, and 'It is' are two words confused and used interchangeably by many. However, the two words are in no way similar in meaning. It's is simply an abbreviation of "It is." It is commonly used instead of using the long form. Example – instead of using "It is a beautiful Sunday morning."
You can as well, use "It's a beautiful Sunday morning." The word "Its" is a possessive word. It is the possessive form of the pronoun "It." An example – "The Bird ate its food." "The Lion chased its prey." I hope this helps.