Which one is correct between the two given sentences and why?
1) It is five years since I saw a movie.
2) It has been five years since I saw a movie.
Which one is correct between the two given sentences and why?
1) It is five years since I saw a movie.
2) It has been five years since I saw a movie.
Your verb saw is in the past tense but is is in the present tense, so therefore this would be correct:
It has been five years since I saw a movie
As has been is in the past tense
Use:
It has been five years since I saw a movie.
It describes a period of time between 5 years ago and the time of the statement (now). So it is correct to use present perfect has been.