[javascript] How to change Label Value using javascript

You're taking name in document.getElementById() Your cb should be txt206451 (ID Attribute) not name attribute.

Or

You can have it by document.getElementsByName()

var cb = document.getElementsByName('field206451')[0]; // First one

OR

var cb = document.getElementById('txt206451');

And for setting values into hidden use document.getElementsByName() like following

var cb = document.getElementById('txt206451');
var label = document.getElementsByName('label206451')[0]; // Get the first one of index
console.log(label);
cb.addEventListener('change', function (evt) { // use change here. not neccessarily
    if (this.checked) {
        label.value = 'Thanks'
    } else {
        label.value = '0'
    }
}, false);

Demo Fiddle