Mohammad Rahman :
hello.
What can you create by doing an IT degree (say for example PHD level)? I know that Comp scientists can create new computation theories, new algorithm, new OS, new mathematical model. But what can an IT person create/innovate not including administration, maintenance etc?
I'm not sure what you mean byt IT person, but in simplistic way you can divide "IT" to hardware and software.
In software field as you wrote you can research new algorithms and their application in many fields for example compression, crypthography/security, image/voice recognition, automatization, robotics, networking, OS, ...
In hardware field you can do research pretty much in all the same fields as software and vice versa just that you will look on it from hardware view. So where in software you would for example work on algorithm for automatic control of some robot in hardware field you would do research into how to make that robot.
It's not easy to divide these two as in IT hardware and software at certain levels meets and you can't do one without other.
But in short there is plenty to research in "IT". Maybe if you would give more details, answer could be more accurate.