Whenever I try to log in to my iTunes, it says error 50 and won't let me log in

I just bougt Macbook Pro 13' and itunes worked just fine at first.
But later on that day, i tried to log in to my itunes to listen to itunes radio,
it won't even let me log in.
instead when i type my id/password to log in to itunes, it says error -50, try it later.
also when i try to use itunes radio on my iphone 5s, it signs in but when i hit play, it doesn't play and just keep skipping songs.
please let me know how to solve this.

Having the exact same problem after updating to Mavericks and 11.1.2 iTunes on my Macbook Air.
I can connect to App Store and iBooks, and the iTunes store also loads when I open it. But I am unable to login and get unknown error -50 all the time.
Anyone able to help?

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