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Cloud computing provides infinite resources and various services for the execution of variety of applications to end users, but still it has various challenges that need to be addressed. Objective of cloud users is to select the optimal resource that meets the demand of end users in reasonable cost and time, but sometimes users pay more for short time. Most of the proposed state-of-the-art algorithms try to optimize only one parameter at a time. Therefore, a novel compromise solution is needed to make the balance between conflicting objectives. The main goal of this research paper is to design and develop a task processing framework that has the decision-making capability to select the optimal resource at runtime to process the applications (diverse and complex nature) at virtual machines using modified particle swarm optimization (PSO) algorithm within a user-defined deadline. Proposed algorithm gives non-dominance set of optimal solutions and improves various influential parameters (time, cost, throughput, task acceptance ratio) by series of experiments over various synthetic datasets using Cloudsim tool. Computational results show that proposed algorithm well and substantially outperforms the baseline heuristic and meta-heuristic such as PSO, adaptive PSO, artificial bee colony, BAT algorithm, and improved min–min load-balancing algorithm. [ABSTRACT FROM AUTHOR]