jform_label

There is nothing in this project other than an info file.. which is in both your master branch (the master branch should have only a README.txt file).. and your 7.x-1.x

Essentially this project currently does nothing.

I see no reason at this very early stage for this project to be seeking application.

Documentation on the review process is here: http://drupal.org/node/1011698
"After contributing a useful and working module or theme as a sandbox project, you may go through a one-time approval process"

Looking at http://drupal.org/project/In-Field-Labels and http://drupal.org/project/compact_forms

Thinking in terms of collaboration over competition, how would you say this module differs significantly in ways that couldn't be integrated into one of those existing modules?

You still have jform_label.info in your master branch. Your master branch should contain a README.txt file only.
You are also missing README.txt from your 7.x-1.x branch.

You also have some formatting/coding standards issues. A report can be seen here: http://ventral.org/pareview/httpgitdrupalorgsandboxanilbhatt1416224git

Your hook_form_FORM_ID_validate() hook '_jform_label_settings_form_validate' begins with an underscore character, is this function disabled?. if so, consider adding a comment to say so or move that code into a feature branch.

Great, fast turn around on those changes.

In jform_label_menu() the description for your menu item as
set on line 24 is 'Build google image sitemap.'

You still need to answer the query about the comparison of this module and http://drupal.org/project/In-Field-Labels and http://drupal.org/project/compact_forms in comment #3.

Some extra commenting and documentation would not go astray, give some information on what
you are thinking. Especially document the settings, providing some more insight into their
behavior and effects.

No list of reviews in the issue summary, removing review bonus tag. Please read #1410826: [META] Review bonus again.

Removing review bonus tag, you did not do a single manual review as required in #1410826: [META] Review bonus. Posting automated coding standards reports is not enough. Also, please don't post the output of automated review tools like pareview.sh inline in a comment, as it just clutters the issue. Better add it as .txt attachment instead.

Collaboration rather than competition

It seems this module doesn't meet the guidelines as specified on the Collaboration rather than competition
page.

Specifically of note the guideline:

Do not try to duplicate functionality because "you don't really like how it's done there". That only adds clutter. Work to improve an existing module rather than introduce yet another random module, as that leads to confusion and frustration for the development, support and end user communities.

Possible new feature for existing module

Also with this module i am attaching an admin form where user can easily select the color, opacity , background, fade time and form id for which he/she wants to attach this logic.

An enhanced admin form could be an excellent addition to one of the existing similar modules.

Third party API's

Above modules as work in same manner but still either the they depend on some third party JQuery library or they add a css file to fulfill their requirements

I'm interested in feedback from other reviews on this idea. Using third party jQuery API's and plugins has a distinct advantage of support from maintainers of those API's, resulting in improved security and reduced duplication.. However there are advantages to natively supported API's when it comes to ease of installation of modules, and reduced dependencies.
What input do you other reviewer's have on this aspect?

It appears that there have been multiple project applications opened under your username:

Project 1: https://drupal.org/node/1416240
Project 2: https://drupal.org/node/1413866

As successful completion of the project application process results in the applicant being granted the 'Create Full Projects' permission, there is no need to take multiple applications through the process. Once the first application has been successfully approved, then the applicant can promote other projects without review. Because of this, posting multiple applications is not necessary, and results in additional workload for reviewers ... which in turn results in longer wait times for everyone in the queue.

Please close one of them!