Theory:

     A young woodcutter named Taro lived with his mother and father on a lonely hillside. All day long he chopped wood in the forest. Though he worked very hard, he earned very little money. This made him sad, for he was a thoughtful son and wanted to give his old parents everything they needed.
Explanation:
  
Taro was a young woodcutter. He lived on the hillside with his old parents.
 
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A small hut on the hillside
 
Every day he went to the forest to chop wood. He worked very hard to earn money because he had wanted to keep his mother and father happy. Although he worked all day long, he earned only very little money. This made him sad. He became sad because he was not able to give his old parents everything they needed. Though Taro was poor, he was a thoughtful son. He was always thinking about his parents' happiness and well being.
  
Meanings of the difficult words:
 
Sl. No.
 Words
Meanings
1WoodcutterA person who cuts down trees or branches.
2LonelyEmpty; without many people.
3
Hillside
A part of a hill between the top and the foot.
4ChoppedCut into pieces.
5EarnMake money.
6ThoughtfulCaring; understanding; kind.
Reference:
National Council of Educational Research and Training (2006). Honeysuckle. Taro’s Reward (pp. 29-34). Published at the Publication Division by the Secretary, National Council of Educational Research and Training, Sri Aurobindo Marg, New Delhi.