Version/build fields for an iOS app include:
"Version" CFBundleShortVersionString (String - iOS, OS X) specifies the release versi
You need to increment both.
When uploading a new version, you will need to create a new version on the iTunes Connect, which automatically will be higher than the previous releases. This version on the iTunes Connect will be expecting a binary with the same version number, thus CFBundleShortVersionString needs to be incremented.
If you update the version but forget to increment the CFBundleVersion, you will encounter an error during the upload. See pkamb's answer and screenshot.
For details on CFBundleShortVersionString and CFBundleVersion, please see: https://stackoverflow.com/a/31921249/936957