Is there a way to return back our assigned asset and get back the new asset. My asset warranty ends on 1st April.

Yes, I just did twice in last one month.
Initially, they assigned me a Dell laptop and then a Lenovo IdeaPad. Came to know later that both were out-of-warranty.
My project did not allow using out-of-warranty laptops, hence I had to get it replaced with HP ProBook (whose warranty is till next year).

How do you know whether it’s in warranty?