Just consider that I have started developing a new app and I am currently running it on simulator only. I need to know the whole procedure so that I may be able to submit it on app store without any problems. Also, I want to know how many days it would take so that others can download the app from app store and what would i need to do if I want to update the uploaded app with some changes (that is, again uploading the same app but with some changes), i mean, how the persons using the app would be notified that a new version of the same app is available.
3 Answers
When you have finished your app, you need to sign the code with an app store distribution certificate, this is all managed through the iOS Provisioning Portal. You then submit the metadata about the app in iTunes Connect and use the Upload Tool to submit a signed, compiled and zipped binary. There are certain images required as part of the submission process including screenshots and iTunes logo. On upload the app enters the approval process which typically takes around 7 days for new apps (although it can be weeks for apps covering contentious areas), but fluctuates according to time of year. Once approved, the app can be released immediately into the store or set to release at a future point.
If you are new to this, invest time in understanding how to create certificates and sign your code, this can take a while if you are not familiar with the process. As much as anything, you also need to go through the signing process to build the app for your own device during development. You must test your app on a real device, the simulator alone will not highlight all potential problems.
Revised versions of the app go through the same cycle. As soon as they are in the store, they are automatically available for users to update through the app store on each device.
Make sure you test your app thoroughly and make sure that it runs without a network connection too - Apple will test this and one of the most common reasons for failure is an app crashing because it doesn't have network connectivity.
Apple provide a lot of documentation on all of this, it's very good and well worthwhile reading. The first port of call is the home page inside the iOS developer program portal, you will find information specifically on submission there.

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A simple search would get you what you need.
Here is a list of instructions for submission
This is assuming you've already paid the $99 for the Apple Developer License
Also you should really test on a device. The simulator does not provide a good enough testing ground for iOS app. Its great for development, but not to submit with.

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Please look for and read all the documentation you can find on Apple's iOS Developer web site, Provisioning Portal and iTunes Connect web site, as there are many many dozens of steps in several documents, more than anyone will post exhaustively in a summary here. Screw up any one of these steps and you might be stuck (entire companies have gotten stuck not able to run or submit apps for weeks because someone didn't carefully read and precisely execute all these steps).
If your app is acceptable, it can take anywhere from a couple days to over a couple weeks for Apple to review your app and post it to the App store. The average time varies, by things such as time of year, product intro cycles, etc. etc.
A badge shows up (or increments) on the App Store app on any users device to notify them when there are app updates available.

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