Tu BiShvat is the time when trees stop drawing water from the soil and instead begin to produce nutrients from their sap.
In Israel, after this date, when rainfall largely ceases, the fruits of a tree are considered to fall under the scope of the new year for the purposes of tithing.
During Tu BiShvat, which is considered a minor holiday, certain prayers related to repentance are omitted from the prayer book, and fasting is not observed.
Among Ashkenazi Jews, it is traditional to eat 15 different types of fruits; during this time, passages from the Book of Psalms in the Torah are usually read.
Among Sephardic Jews, Tu BiShvat is an important holiday.
News Source: 12punto