'Das' generally denotes 'that', and 'es' denotes it. This is the widely accepted translation, but sometimes the other form can be used where the interchange does not really change the meaning:
"Das ist nicht richtig" (That is not right) and "Es ist nicht richtig" (It is not right)
However you should stick to:
Das: That/This(in some instances)
I have not come across any instance where 'es' did not mean 'it' and 'das' could not have been translated as 'that'.