It’s is the contracted form of ‘it is’ or ‘it has’. If you can replace it’s for ‘it is’ or ‘it has’, then please use it’s in your sentence.
It is a beautiful day. It’s a beautiful day.
It has been a long time since we last talked. It’s been a long time since we last talked.
Its is a pronoun used to represent what an object possesses. We use this to show that one thing owns another thing. Its comes before the noun in a sentence.
The tires on the car are flat. Its tires are flat.
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