Can it be the case that you are using an outdated PSoC5 chip on your board? Actual chip is PSoC5LP, the former has been obsoleted and replaced by Cypress when Creator version 2 upgraded to version 3. Your screenshot does not show the chip description to be quite sure.
I think so. I am a student and the board was given by my profesor. The creater version came with the kit is 2. It must be bought around 2 years back. If I am using an outdated chip how can I still do my project? Can I downgrade my OS and install creator 2?
Is it clear from the pictures attatched?
on the chip on board it is written cy8c5568axi-060 12.25 b 04 6223 16
Yes, that device is not supported by Creator 3.x, see http://www.cypress.com/?id=2233 . You actually are not able to select it in the device selector.
You can install Creator 2.2 in parallel to Creator 3.1, download is here: http://www.cypress.com/?rID=39551
Note that you will need to re-create your project and re-draw the schematics. Code can be reused, though.
I'm not sure about the compatibility of that version with Win8 64bit, you might try searching the forum for any problems (I remember some discussions around win7 64bit)