Short version:

This update will please a lot of users; add up to 25 task labels and colours in Planner and Tasks in Teams, up from the current 5. The new colours look great and include Marigold, Teal and Lavender. This feature rollout has already begun and should be complete by early March 2021.

Details:

This update will please a lot of users; you will be able to choose up to 25 coloured labels per task in Planner and Tasks in Teams…up from 5.

More labels allows for greater flexibility when organising tasks. You can use labels to flag risks, signal delays, help fine tune task prioritisation, clarify accountabilities, or categorise tasks around a theme spanning multiple buckets.

The new colours look great and include Marigold, Teal and Lavender:

Availability:

This feature rollout has already begun and should be complete by early March 2021.

Links:

Learn how to Flag your tasks with labels (Microsoft).