Update: I highly recommend installing Lollipop 5.1.1 instead of Kitkat since it runs much better and is stable.   You can also remove all the GAPPS bloatware with a clean install.   You still need to follow the instructions in this post to install TWRP (backup and restore utility) but see the Lolliop installation post here.

The Asus ME301T tablet only supports the older 4.2 Jellybean Android OS.  I think that Asus wants you to buy a newer tablet if you want the latest OS.  Luckily,  third party ROM’s can be installed though this will void any warranty and there is a chance you could brick your device.  Here is the procedure I used to update my tablet.

1. Make sure you have the latest firmware Settings->About Tablet->Build number should be US_epad-10.6.1.31_201xxxxxx for the US version.  Update the firmware on your table from the About Tablet menu if it’s not the latest.
2. From your tablet, go to ASUS’s website to download the utility to unlock your boot loader.  Remember this will void the warranty.  Go to Settings->Security->Unknown Sources and enable it to allow apps to be installed from outside the Play Store.  Files are available here under the Utilities section.  The downloaded file needs to be unzipped, installed and then run to unlock your boot loader.
3. Once the bootloader is unlocked, you will need to install the latest TWRP 2.8.1.x The procedure requires the utility fastboot for the PC, the proper drivers to connect to your tablet with Windows and USB debugging enabled on your tablet.  TWRP files available here.  Transferring the file should take seconds – try again if it’s not working.  Procedure can be followed here.
4. To boot with the TWRP, first make sure your tablet is powered off (not sleeping).  Then hold the vol-down key and hold the pwr key.  When you see the startup messages let go of both buttons and press the vol-up key once with RCK (recovery) selected.  Vol-down cycles through the choices and Vol-up selects.  Wait a few seconds and you should see the TWRP menu screen.
5. With TWRP, you want to backup your factory OS so you can restore it if necessary.   Backing up the data is optional but you should back up to an external micro SD card.
6. Download the latest Omnirom for Kitkat (stable) and transfer to your tablet (do not extract).  Download from here.  If you want to experiment with Lollipop (pre-release), check here.
7. Using TWRP, perform a wipe and then an install pointing to the omnirom package.
8. Reboot and you should be running Kitkat