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Maybe. If you were The Beatles and were about to say "It has been a hard day's night" you might shorten "it has" by leaving out the "ha" and adding an apostrophe, making it into "it's" as in "It's been a hard day's night." But you might be the Bee Gees and be about to say "It is a holiday". You could shorten that by replacing the second letter I with an apostrophe, making it "It's a holiday."

In other words "it's" can mean "it has" or "it is" and you will know from the context which one it is because if the Beatles said "It is been a hard day's night" or the Bee Gees said "It has a holiday" it wouldn't (that means the same as would not you know) make any sense.

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12y ago

What else can I help you with?