Hi Abhiram,
The reset button which is provided in standard objects library, should work fine. What i suspect is you might be previewing the form in static way. If i am correct, please make changes to (File > Form Properties > Default and File > Form Properties > Preview), make them to Dynamic XML Form, then preview. OR, the same the form as Dynamic XML form, even that should work fine.
Please find the sample in the link below
https://acrobat.com/#d=XAh7DG9F8QYTfP*jkATcGg
Apologize if my understanding is wrong.
thanks,
Rajesh