it's - meaning and definition. What is it's
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What (who) is it's - definition

VERBS THAT CONTRIBUTE TO OTHER VERBS' MEANINGS
Amn't; It's; Amn’t; Baint; Contractions of negated auxiliary verbs in English; Contraction of am not; Ain't and amn't; N't; List of English auxiliary verbs; English auxiliaries; English contractions; Special verb; Special verbs; Amn't gap; English auxiliaries and contractions; It is
  • frameless

it's         
1.
It's is the usual spoken form of 'it is'.
It's the best news I've heard in a long time.
2.
It's is the usual spoken form of 'it has', especially when 'has' is an auxiliary verb.
It's been such a long time since I played.
it's         
¦ contraction
1. it is.
2. it has.
it's         
NOTE. Some of these are words, some aren't. Its is the possessive of the pronoun it. It's is a contraction for it is. And its' is not a word at all.
It's too bad her cat lost its toy.

Wikipedia

English auxiliary verbs

English auxiliary verbs are a small set of English verbs, which include the English modal verbs and a few others. Although definitions vary, as generally conceived an auxiliary lacks inherent semantic meaning but instead modifies the meaning of another verb it accompanies. In English, verb forms are often classed as auxiliary on the basis of certain grammatical properties, particularly as regards their syntax. They also participate in subject–auxiliary inversion and negation by the simple addition of not after them.

Examples of use of it's
1. Its a three-pronged strategy, starting with -- its politics, it is a -- its security, and its economy.
2. McCLELLAN:В Its not quite there.В Its a little bit below that, but its coming back up.
3. Q:В No, you jump to 10 other subjects.В Its very -- its on the table.
4. So I cant tell you if its a trend.В Its two days.
5. AC: I think its - its probably where the Church of England is actually.