if you have several versions of homepage, it is good to use rel='canonical' instead of 301. If you will use multiple 301 redirect then you have to make sure to remove these urls from google or bing webmaster's url removal tool. For more info about canonical tag, visit Moz's Developer cheat sheet.

Thanks alot for the help and great suggestions. What should I do to improve my domain and page authority.

Thanks all for the response, specially Steve for analyzing my web page as well. It seems like I have SEO experts to help me out. I would request though if some one can let me know how can I improve the user experience on my site while analyzing my site. It would be a great help. I have mentioned about my site in my question itself.

Google Page rank of my website has been dropped after Panda Update. Can anyone help me out to tell me the possible reasons about the same. We have tried to make our website more lively and user friendly. We have indulged some graphics to make it more attractive. But it seems it backfired us. my site is http://www.myrealdata.com as well as Google page ranking of my Quickbooks hosting page has been dropped as well. It would be great if someone can help me out with expert suggestions.