"It's" always and only means "it is." The apostrophe indicates contraction, not possession.
"Its" always and only means "belongs to it." The word is part of a class of words that indicate possession without the use of an apostrophe: my, mine, your, yours, his, hers, its, ours, their, theirs.
A less common mixup is between "your" (belongs to you) and "you're" (contraction for "you are").
Typos happen. I will assume that all misspellings of "its", "it's", "your", and "you're" are accidental and will correct them without comment or apology.