It's compatible, though it isn't really a recommended PSU. Also, you don't really need more than a 500W PSU for your rig, unless you plan on upgrading.
Thank you so much for your valuable response.
So which PSU i should purchase?(which will be good for gaming purpose)
Corsair VS550 550 Watt PSU is enough for gaming?
i have Processor Intel i3 3220 3.3Ghz
RAM – Corsair DDR3 1600Mhz(4GB x 2)
Hard disk - WD Blue WD10EZEX 1 TB
Optical drive - Samsung SH-224DB/IDDS DVD Burner