component vs basis

component and basis both are nouns.

Word	Noun	Adjective	Verb	Adverb
component	Yes	No	No	No
basis	Yes	No	No	No

As nouns, basis is a hyponym of component; that is, basis is a word with a more specific, narrower meaning than component:

component (noun)	basis (noun)
an artifact that is one of the individual parts of which a composite entity is made up; especially a part that can be separated from or attached to a system	the fundamental assumptions from which something is begun or developed or calculated or explained
an abstract part of something	a relation that provides the foundation for something
something determined in relation to something that includes it	the most important or necessary part of something