Custom post full Code

add_action('init', 'portfolio_custom_init');  

/*-- Custom Post Init Begin --*/
function portfolio_custom_init()
{
  $labels = array(
    'name' => _x('Portfolio', 'post type general name'),
    'singular_name' => _x('Portfolio', 'post type singular name'),
    'add_new' => _x('Add New', 'Portfolio'),
    'add_new_item' => __('Add New Portfolio'),
    'edit_item' => __('Edit Portfolio'),
    'new_item' => __('New Portfolio'),
    'view_item' => __('View Portfolio'),
    'search_items' => __('Search Portfolio'),
    'not_found' =>  __('No Portfolio found'),
    'not_found_in_trash' => __('No Portfolio found in Trash'),
    'parent_item_colon' => '',
    'menu_name' => 'Portfolio'
 
  );
   
 $args = array(
    'labels' => $labels,
    'public' => true,
    'publicly_queryable' => true,
    'show_ui' => true,
    'show_in_menu' => true,
    'query_var' => true,
    'rewrite' => true,
    'capability_type' => 'post',
    'has_archive' => true,
    'hierarchical' => false,
    'menu_position' => null,
    'supports' => array('title','editor','author','thumbnail','excerpt','comments')
  );
  // The following is the main step where we register the post.
  register_post_type('portfolio',$args);
   
  // Initialize New Taxonomy Labels
  $labels = array(
    'name' => _x( 'Portfolio Category', 'taxonomy general name' ),
    'singular_name' => _x( 'Tag', 'taxonomy singular name' ),
    'search_items' =>  __( 'Search Types' ),
    'all_items' => __( 'All Tags' ),
    'parent_item' => __( 'Parent Tag' ),
    'parent_item_colon' => __( 'Parent Tag:' ),
    'edit_item' => __( 'Edit Tags' ),
    'update_item' => __( 'Update Tag' ),
    'add_new_item' => __( 'Add New Tag' ),
    'new_item_name' => __( 'New Tag Name' ),
  );
    // Custom taxonomy for Project Tags
    register_taxonomy('portfolio_category',array('portfolio'), array(
    'hierarchical' => true,
    'labels' => $labels,
    'show_ui' => true,
    'query_var' => true,
    'rewrite' => array( 'slug' => 'portfolio_category' ),
  ));
   
}
/*-- Custom Post Init End --*/