Title: The name of the label should be specified here.
Label color: The color for the given label can be set from here.
Display order: If there are many labels available then sorting for the label listing can be done from display order. Labels get sorted as per the display order of the labels specified.
Department access: Here you can add department access for this label if you want to allow or restrict any department.
Left panel view: In Inbox left panel you can view the folders with the label view if it is enabled.