I'm using kubutu 14.10 plasma 5 . Its plasma version is 5.1 but I'd like to upgrade to 5.4 and newer versions. How can I do that ? Should I wait for updates or there is any ppa to do that ?
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You may already be using the latest plasma version. It looks like KDE is versioning things differently now, and kde is at 5.4, plasma is at 5.1, and the applications are either 4.11 or 4.12. See this webpage for an explanation: blog post on kde's new versioning
Also check out the main kde.org page, and see what the latest releases are at kde announcements