1. Of a thing, of it; possessive form of "it"
   "stand the box on its side", "The evening conversation, when they were all assembled, had lost much of its animation"

1. It is
   "It's going to rain today", "I think it's a table"
    
2. It has
   "It's got a blue bottom"

1. Its; this spelling is widely regarded as incorrect, though quite common in informal/unchecked writing
   "The dog chased it's tail"

1. The branch of engineering that deals with the use of computers and telecommunications to retrieve and store and transmit information
   "The company's IT department manages all their digital infrastructure";
   - information technology, infotech

Sounds like: islets, eyel, its

Type of: applied science, engineering, engineering science, tech [informal], technology

Encyclopedia: Its