Tachnun is not recited on Tu B’Shevat or the Mincha beforehand, and one may not fast – not even a Chosson and Kallah on the day of their Chuppah.
On Tu B’Shevat, it is customary to consume the fruit of trees, especially the Shivas Haminim (the fruit with which Eretz Yisroel is praised – grapes, figs, pomegranates, olives and dates). Some have the custom of eating a new fruit and reciting Shehecheyanu. It is also customary to eat carobs, which are especially associated with miracles. All this it to praise Hashem for renewing the fruits.
When eating fruits grown in Eretz Yisroel, one must ensure that there is no concern of Orlah, Revai, Tevel and Shemitah. When shopping for fruit, one should note the country of origin.
The Rebbe encouraged public gatherings in association with Tu B’Shevat, especially for children who are likened to a growing tree – both physically and spiritually.
The Rebbe also encouraged giving extra Tzedakah on Tu B’Shevat.