Is it possible to convert B2 visa into H1B through consultancy? Advice greatly appreciated.

I guess it should be possible. IT consultancy has filed H1B for F2 status and it was picked up on lottery.

The question is, H1 filing happens only in April of each year, are you going to extend your tourist visa. or what you can do is , consultancy can file even when you are in Nepal.

Thanx ProblemSolver, I was in H1B few years back and then due to bad job market switched to F1 and then came back to Nepal. Now I have tourist visa, just wondering if I can just reinstate my old H1B as I did not used it for 3 years.

If you previously held H-1B status and are outside the US, you may be eligible to have an Employer file a Cap Exempt H-1B petition for the remainder of your allowed time up to 3 years.
In order to qualify you must be able to show that:
1) You were in H-1B status in the US within the past 6 years.
2) You have not used your 6 years of H-1B status.
http://www.usavisanow.com/h-1b-visa/h1b-visa-resources/new-h-1b-cap-exempt/

@Rajanshrma,

since you were here already and know all the process, man, you are the money maker. What are you waiting, contact IT consulting companies, tell them all details, you had H1B earlier. You will get it.

Were you here before June24, if you can file TPS that is the best. You don't need even H1B.