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A field experiment was conducted for 3 consecutive years to study the effects of water deficit on yield, water productivity and net return of wheat. Yield attributes were affected by deficit irrigation treatments although they are not statistically different in all cases. The grain and straw yields were significantly affected by treatments. The highest grain yield was obtained with the no-deficit treatment. Differences in grain and straw yield among the partial- (single- or two-stage deficit) and no-deficit treatments are small and statistically insignificant in most cases. The highest water productivity and productivity of irrigation water were obtained in the alternate deficit treatment (T7), where deficits were imposed at maximum tillering (jointing to shooting) and flowering to soft dough stages of growth period, followed by single irrigation at crown root initiation stage. Under both land- and water-limiting conditions, the alternate deficit strategy (T7) showed maximum net financial return. The results will be helpful in policy planning regarding irrigation management for maximizing net financial returns from limited land and water resources
