Labels identify Form elements on a page. In addition to basic information display, labels are critical for accessibility reasons: users who use screen readers rely on labels to identify an element that has no defining attributes of its own. Labels go a long way to ensure that your application is accessible for all users.
Labels must be provided for every Form input regardless of whether they are visible or not. Labels should be visible whenever possible to help users with cognitive challenges or users of speech-to-input software easily identify and navigate the application.