In this paper, we study the isomorphism testing problem of formulas in the Boolean and arithmetic settings. We show that isomorphism testing of Boolean formulas in which a variable is read at most once (known as read-once formulas) is complete for log-space. In contrast, we observe that the problem becomes polynomial time equivalent to the graph isomorphism problem, when the input formulas can be represented as OR of two or more monotone read-once formulas. This classifies the complexity of the problem in terms of the number of reads, as read-3 formula isomorphism problem is hard for coNP. We address the polynomial isomorphism problem, a special case of polynomial equivalence problem which in turn is important from a cryptographic perspect...