Follow the steps on how to achieve this:
Log in Task Admin application.
Click 'Task List Settings'.
Select the tasklist you want to add the project.
Click the project tab.
Click 'New Project'.
Enter project details and save the project.
Enter project name
Chose the color code for the project
If the project is active toggle 'Is Active'.
To edit the project, click the 'Edit' button.
Edit as desired and save.