Fasting on the day of Ashura is highly recommended based on the Hadith below.
Along with this we also remember this day as one of the most tragic events in Islamic history when Prophet Muhammad’s beloved grandson Imam Hussein along with his family were martyred while standing up against injustice.
Sahih Bukhari, Volume 6, Book 60, Number 202 – Narrated Ibn Abbas:
When the Prophet arrived at Medina, the Jews were observing the fast on ‘Ashura’ (10th of Muharram) and they said, “This is the day when Moses became victorious over Pharaoh,” On that, the Prophet said to his companions, “You (Muslims) have more right to celebrate Moses’ victory than they have, so observe the fast on this day.”
It is also recommended to be generous on this day towards family members and parents because prophet Muhammad stated that whoever is generous on his family on the day of Ashura, then Allah is generous towards him for the whole year.
There are several other Hadith that refer to the importance of the day of Ashura.
O’ Allah! Bless us to perform good deeds. Make the new year one of unity, cooperation and success.