The measurement of RD (RD∗), the ratio of the branching fraction of B→Dτνˉτ(B→D∗τνˉτ) to that of B→Dlνˉl(B→D∗lνˉl), shows 1.9σ(3.3σ) deviation from its Standard Model (SM) prediction. The combined deviation is at the level of 4σ according to the Heavy Flavour Averaging Group (HFAG). We perform an effective field theory analysis (at the dimension 6 level) of these potential New Physics (NP) signals assuming SU(3)C×SU(2)L×U(1)Y gauge invariance. We first show that, in general, RD and RD∗ are theoretically independent observables and hence, their theoretical predictions are not correlated. We identify the operators that can explain the experimental measurements of RD and RD∗ individually and also together. Motivated by the recent measurement of the τ polarisation in B→D∗τνˉτ decay, PτD∗ by the {\sc Belle} collaboration, we study the impact of a more precise measurement of PτD∗ (and a measurement of PτD) on the various possible NP explanations. Furthermore, we show that the measurement of RD∗ in bins of q2, the square of the invariant mass of the lepton neutrino system, along with the information on τ polarisation, can completely distinguish the various operator structures.