This is the country-code top-level domain from Italy.
You can check Domain availability here.
The Terms and Conditions can be found here.
IDN is supported (Special characters like å, ä, ö, more info here).
Blocked and not-allowed domains here.
.IT domain names are restricted to individuals or organizations within the European Economic Area, the Vatican City State, the Republic of San Marino or the Swiss Confederation, and to persons who have citizenship within one of the countries mentioned above.
The registration of a .IT domain name requires the fiscal code, or VAT, or ID number of the owner contact.