Benefits include Strengthening of the liver, pancreas and kidneys, muscles of the hands and feet, Increases elasticity of the spinal cord,etc,.
For more info Ref: http://en.wikipedia.org/wiki/Chakrasana
Steps:
1. Lie on your back. Bends your legs at the knees and place them nearer to the hips.
2. Place the palms by the sides of your head by bending the elbows and fingers towards your body.
3. While inhaling, slowly raise your body upward, resting on the feet and the palms, thus curving the spine. Retain the pose for a few seconds and, breathing normally, gradually increase the duration.
4. Concentrate on the spine. While exhaling slowly come back and rest in Shavasna for a while.
