Hey guys,
So I just want to post my solution finally after a while of trying some of the solutions on the internet and none worked for me. I simply could not throw my MG 7540 Pixma just like that. So to summarize it in short follow these steps and you may be as lucky as I have.
While the printer is off, open the front cover where the ink is. Now turn on the printer wait till the ink head starts moving a bit then just shut the cover back to normal. You should see canon logo now. Wait a minute or two and you should be back to normal menu. Now if you try to print anything the error might come again in which u repeat the steps above. Next go to settings/ maintenance settings / auto head allignment. And start the process let it finish and follow any instructions it may ask. Once done it will print a test page and tadaaaaa! it works. You can do a few more maintenance checks if you want to keep your printer in mint condition. Sounds simple yes but I just followed my gut feeling. And it worked. Hope it helps someone .
Cheers