Let\'s say I have an existing IOS app live on Appstore which is version 1.0
Now I make some changes to the app and want to submit back.
Are there 2 separate
You need to create a new version number, which makes sense since this is a new version of your app. This will then appear as an update for your customers. I don't think you can upload a new binary with the same version without removing the old one from the store.
You add a new version in iTunes connect, then update the version number in Xcode to match and create a new archive. It's pretty straightforward.