This excerpt is taken from Sheikh Abu Hamza Abdul Khaliq Siddiqi's book Sahih Fazail-e-Amaal.
﴿يَا أَيُّهَا الَّذِينَ آمَنُوا كُتِبَ عَلَيْكُمُ الصِّيَامُ كَمَا كُتِبَ عَلَى الَّذِينَ مِن قَبْلِكُمْ لَعَلَّكُمْ تَتَّقُونَ . أَيَّامًا مَّعْدُودَاتٍ ۚ فَمَن كَانَ مِنكُم مَّرِيضًا أَوْ عَلَىٰ سَفَرٍ فَعِدَّةٌ مِّنْ أَيَّامٍ أُخَرَ ۚ وَعَلَى الَّذِينَ يُطِيقُونَهُ فِدْيَةٌ طَعَامُ مِسْكِينٍ ۖ فَمَن تَطَوَّعَ خَيْرًا فَهُوَ خَيْرٌ لَّهُ ۚ وَأَن تَصُومُوا خَيْرٌ لَّكُمْ ۖ إِن كُنتُمْ تَعْلَمُونَ .﴾
"O you who have believed, fasting has been prescribed for you as it was prescribed for those before you that you may become righteous. [Fasting for] a limited number of days. So whoever among you is ill or on a journey [during them] - then an equal number of days [are to be made up]. And upon those who are able [to fast, but with hardship] - a ransom [as substitute] of feeding a poor person [each day]. And whoever volunteers excess - it is better for him. But to fast is best for you, if you only knew."
Reference: (2-Al-Baqarah:183,184)
In these noble verses, Allah Almighty informs the Muslims that fasting has been made obligatory upon them, just as it was obligatory upon previous nations, because fasting contains every goodness for a person in this world and the Hereafter. When a servant refrains from eating, drinking, and intimacy for the sake of Allah, and occupies himself in the worship of Allah, then Allah guides him on the path of righteousness.
It is narrated from Sayyiduna Abdullah bin Amr (may Allah be pleased with them) that the Messenger of Allah (peace be upon him) said:
"Fasting and the Qur'an will intercede for the servant on the Day of Resurrection. Fasting will say: O my Lord! I prevented him from food and desires, so accept my intercession for him. The Qur'an will say: O my Lord! I prevented him from sleeping at night, so accept my intercession for him. Then both of their intercessions will be accepted."
Reference: Sahih At-Targhib wa At-Tarhib, by Al-Albani: 973.
عن أبى هريرة رضى الله عنه يقول: قال رسول الله صلى الله عليه وسلم : قال الله عز وجل: كل عمل ابن آدم له إلا الصيام ، فإنه لي وأنا أجزي به- والصيام جنة، فإذا كان يوم صوم أحدكم فلا يرفث ولا يصخب، فإن سابه أحد أو قاتله ، فليقل: إني امرؤ صائم. والذي نفس محمد بيده! لخلوف فم الصائم أطيب عند الله من ريح المسك، للصائم فرحتان يفرحهما: إذا أفطر فرح، وإذا لقي ربه فرح بصومه
It is narrated from Sayyiduna Abu Hurairah (may Allah be pleased with him) that the Messenger of Allah (peace be upon him) said: "Allah Almighty said: Every deed of the son of Adam is for him except fasting; it is for Me and I shall reward it. Fasting is a shield, so when one of you is fasting, he should avoid obscene speech and foolish behavior. If someone insults him or fights with him, let him say: I am fasting. By the One in Whose hand is the soul of Muhammad (peace be upon him), the smell coming from the mouth of a fasting person is better to Allah than the fragrance of musk. The fasting person has two moments of joy: one when he breaks his fast, and the other when he meets his Lord, and he will be pleased with his fasting."
Reference: Sahih Bukhari, Book of Fasting, Chapter: Should I say I am fasting, Hadith No: 1904 - Sahih Muslim, Book of Fasting, Chapter: Virtue of Fasting, Hadith No: 1151.
Sayyiduna Abu Imamah Al-Bahili (may Allah be pleased with him) narrates that he said: O Messenger of Allah! Tell me a deed. He said: "Fast, there is no deed equal to it." I asked again: O Messenger of Allah! Tell me another deed. He said: "Fast, there is no deed equal to it." I asked again: O Messenger of Allah! Tell me another deed. He said: "Fast, there is no deed equal to it." The narrator says that except for the arrival of guests at Abu Imamah’s house, no smoke was ever seen there.
Reference: Sunan An-Nasa'i, Book of Fasting, Chapter: Virtue of Fasting, Sahih Ibn Khuzaymah: 194/3 - Mustadrak Hakim: 421/1 - Sahih Ibn Hibban (Al-Ihsan) 180/5 -
Ibn Hibban, Ibn Khuzaymah, Hakim, and Dhahabi have declared it "Sahih".