You can either use javascript url form with
<form action="javascript:handleClick()">
Or use onSubmit event handler
<form onSubmit="return handleClick()">
In the later form, if you return false from the handleClick it will prevent the normal submision procedure. Return true if you want the browser to follow normal submision procedure.
Your onSubmit event handler in the button also fails because of the Javascript:
part
EDIT: I just tried this code and it works:
<html>
<head>
<script type="text/javascript">
function handleIt() {
alert("hello");
}
</script>
</head>
<body>
<form name="myform" action="javascript:handleIt()">
<input name="Submit" type="submit" value="Update"/>
</form>
</body>
</html>