Will radeon 4850 work on 500 W psu?

The PSU probably won't suffice,since I've found that you need 30A on single +12V rail,and you have only 20A(30A is recommended for the entire system.)
I would get an EVGA 500B,which will be enough for your card and it is really cheap.
If you want to invest a little bit more on the PSU and allowsing yourself to upgrade your graphics card in the future,get a Seasonic S12II Bronze 620W/XFX Core 650W/Antec HCG 620M.
 
Since you've PM'd me for an answer:

At peak 3D load a reference design Radeon HD 4850 graphics card will draw 9 Amps from the +12V rail (i.e. 2.8 Amps from the +12V power lines of the motherboard's PCIe x16 slot and 6.2 Amps from the 6-pin PCI Express supplementary power connector). Some of the non-reference design factory overclocked models draw more power (e.g. a Gigabyte GV-R485MC-1GH draws 12.2 Amps from the +12V rail at peak 3D load).

AMD specifies a 450 Watt or greater system power supply with a 75 Watt 6-pin PCI Express power connector for the Radeon HD 4850.

The reference system used to determine the power supply requirement, is based on a PC configured with an Intel Core i7 3.2GHz 130 Watt TDP processor, and requires an additional 15 Amps from the +12V rail(s).

Since you didn't post the specific brand and model of Radeon HD 4850 card and the configuration of the remainder of your system it becomes a guessing game.

The Intex Accopia 500W power supply doesn't have any PCI Express supplementary power connectors and its weak 20 Amp +12V rail doesn't bode well.