Task Labels can help you quickly see certain things that several tasks have in common, like requirements, locations, dependencies, or important time constraints.
Similar to task type, Labels are the custom attributes that are used to categorize tasks. You can assign multiple task labels to a single task.
The task labels will be used for specific projects only. You can define the task labels to the tasks associated with that project only.
Note – “Labels” which was created before 18th November 2019 will be treated as company level “Labels” .

How to use Labels?
While creating task, you can use labels to categorize task in a meaningful manner.

NOTE : Only the Owner and Admin of the account can create the label for the task, If User has been given the access by the admin, or owner then the user can create the label.