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Taking a screenshot on gadgets with android 4.0 system is just so easy.You just need to press "volume down" and "power" keys synchronously. And if you're working on Android 4.0 lower system, then you should check for the manual which goes along with your gadget to know how to do the trick.
I have also searched for a comprehensive guide which can be read at here.
Here is complete guide how to take screenshot from android phone.
I recommend this app: https://play.google.com/store/apps/details?id=fay.booster.screenshot
The button combo thing doesn't work the same for all versions of Android, and on some phones it won't work at all. The beauty of fragmentation, I suppose. Back and power buttons work for some Android 2.2 phones, and back and home does on others. Power and either back or home works for some 2.3 devices. For 3.0, I don't know of any combo that works. It is easier on 4.0 devices, which use volume up and the power button.
There is an app that works on most non-rooted Android devices, but it cost $5.
If you have rooted your phone, there are free apps on Google play that work great. I use aScreenshot, which lets you take a screenshot by shaking the device or pressing whatever button I assign to trigger it.